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singaporefintech.org

Founded Year

2016

About Singapore FinTech Association

Singapore FinTech Association (SFA) is a cross-industry NON PROFIT initiative, intended to be a platform designed to facilitate collaboration between all market participants and stakeholders in the FinTech ecosystem. It is designed to be an effective platform for members to engage with multiple stakeholders to find solutions to issues.

Singapore FinTech Association Headquarter Location

80 Robinson Road #08-01

Singapore, 068898,

Singapore

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Latest Singapore FinTech Association News

Almost half of Asean consumers want personalised digital banking services: Study

Apr 2, 2022

To empower customers with insights to make the right decisions at the right time, one bank is leveraging AI to deliver more personalised experiences Respondents in Asean ranked “ease of use” and "more personalised services" as some of their top priorities for digital banking, according to UOB’s Fintech in Asean 2021 report, produced in partnership with PwC Singapore and the Singapore FinTech Association. PHOTO: GETTY IMAGES https://str.sg/whmH Like most digitally savvy Millennials, Ms Michelle Teo’s smartphone screen is cluttered with scores of apps, from music and video streaming to ride-hailing and digital banking. With so many different apps and only a limited amount of time in a day, what makes her spend more time on one app over another? “There are just some that are easier to use because I can do more things through it,” says the 28-year-old teacher. In other words, convenience is king. Convenience is also what she expects from financial services platforms. “It’s much more convenient to settle things on my phone than wasting time queuing at the bank, especially for straightforward transactions,” says Ms Teo. “All my bills can be paid online, and I don’t need to use cash for most places in Singapore.” On why UOB TMRW is the banking app she uses the most, Ms Teo says: “I enjoy the personalised touch because it is easy to read at a glance and relevant to me. “The insights show me what I’ve been spending on and tend to recommend deals I’m interested in. It also reminds me when I have bills due, which is great for avoiding late fees.” What today’s digital generation wants Ms Teo’s sentiments are echoed by many others in Singapore. UOB’s Fintech in Asean 2021 report, produced in partnership with PwC Singapore and the Singapore FinTech Association, found that nearly three-quarters of respondents in the region ranked “ease of use” as their top priority for digital banking. The same report found that consumers expect more than just convenience – almost half also want more personalised services. “If banks are able to present their information and services to customers in a personalised way,” says Mr Kevin Lam, head of TMRW and Group Digital Banking, UOB, “it can help customers easily get the information and insight they need to make the right financial decisions at the right time, in the right place.” If banks are able to present their information and services to customers in a personalised way, it can help customers easily get the information and insight they need to make the right financial decisions at the right time, in the right place. MR KEVIN LAM, head of TMRW and Group Digital Banking, UOB For UOB, that means leveraging artificial intelligence (AI) to empower customers through its mobile banking app TMRW (pronounced as “tomorrow”). Instead of displaying a standard dashboard for everyone, the UOB TMRW app shows customers customised information based on their historical purchases and cash flow, reminders on payments, as well as subscription alerts for goods and services. The AI-powered app also provides an extra layer of security, flagging double-charges or accidental multiple purchases and assisting customers in resolving the issue without them having to spend hours on the phone with a bank staff. It was the first bank in Singapore to launch AI-driven personalised insights through the UOB TMRW app, says Mr Lam. This is part of the bank’s strategy to be more engaged with customers through “digital adaptive banking”, where its UOB TMRW app adapts to customers to provide them with the right service at the right time. “Having a nuanced understanding of our customers’ preferences is something they appreciate and accord a lot of value to,” says Mr Lam. “Less is more in this age of hyper-personalisation.” What tomorrow’s banking could look like A 2020 report by professional services firm PwC revealed that the majority of Singaporean customers (66 per cent) expressed interest in non-financial services that could be provided by digital banks, such as an integrated lifestyle e-commerce platform. To that end, traditional banks have increased the scope of their mobile apps to cater to customers, going beyond banking transactions to offer lifestyle-related services within a single interface. The UOB TMRW app, for one, keeps customers up to date with various deals they could be interested in, like discounts on food and groceries, cashback at select merchant outlets, and discounted holiday trips. As part of UOB’s broader strategic focus on customer engagement and hyper-personalisation, the bank will soon launch a new carbon insights feature on the UOB TMRW platform. It aims to empower customers with estimates of their carbon footprint based on their spending behaviours – calculated using international benchmarks and locally adapted emission standards – and insights on how they can better take action against climate change through what they spend on. The bank has added tools to help make financial planning more accessible to customers. For example, the UOB TMRW app has the SimpleInvest feature, which lets customers start an investment plan with a minimal sum of $100. More On This Topic

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  • When was Singapore FinTech Association founded?

    Singapore FinTech Association was founded in 2016.

  • Where is Singapore FinTech Association's headquarters?

    Singapore FinTech Association's headquarters is located at 80 Robinson Road, Singapore.

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