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Banking for TMRW: Head of UOB’s digital bank explains engagement, advocates, personetics

Goola Warden
Goola Warden8/8/2019 07:30 AM GMT+08  • 9 min read
Banking for TMRW: Head of UOB’s digital bank explains engagement, advocates, personetics
SINGAPORE (Aug 12): Digital banking and a digital bank are not quite the same, says Dennis Khoo, regional head of TMRW Digital Group at United Overseas Bank. Digital banking is part of an omni-channel strategy in which customers use the banking app as par
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SINGAPORE (Aug 12): Digital banking and a digital bank are not quite the same, says Dennis Khoo, regional head of TMRW Digital Group at United Overseas Bank. Digital banking is part of an omni-channel strategy in which customers use the banking app as part of the products and services a bank offers. In the case of UOB, its banking app UOB Mighty provides customers with a bank on the phone.

A digital bank is a mono-channel strategy in which the bank uses data to engage customers as its primary goal and business model. “In the business model for a digital bank, it will centre around service not as a cost centre but as an engagement differentiator and use it (data) to help customers do what they want to do but do it better, and help customers spend and save better,” Khoo explains in a recent interview.

UOB’s standalone digital bank TMRW was launched in Thailand in March. Thai customers of UOB TMRW simply download the app, fill in their details and take a photo of their identity card. They are then directed to any of the 350 kiosks located throughout Bangkok, where they insert their IC and place their left and right fingers on the fingerprint reader for authentication. They can then use their TMRW account immediately. The kiosks are in high-foot-traffic areas such as Siam Paragon and Bangkok Mass Transis System stations and also at UOB branches.

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