SINGAPORE (THE BUSINESS TIMES) – United Overseas Bank (UOB) on Monday (Aug 3) launched its digital bank TMRW in Indonesia.
This follows from TMRW’s first launch in Thailand in March 2019, and is part of the regional bank’s strategy to accelerate growth and scale up its regional customer franchise to capture a $10 billion market opportunity in Asean.
In a press statement on Monday, UOB said it is looking to provide a fully digital banking experience to Indonesia’s generation of “enterprising and digitally savvy” consumers.
TMRW’s account-opening process for its Indonesian customers is designed to be intuitive, seamless, fast and secure, said the lender. Identify verification is done via a video call with a live agent, and the account opening can be completed in nine minutes. Customer queries are handled by TMRW’s 24-hour chatbot that converses in Bahasa Indonesia.
TMRW also offers Quick Response (QR) code payments, enabling registered sellers and merchants to pay by simply scanning a QR code.
According to a UOB ethnographic study, millennial consumers said that while they appreciated guidance to help them keep track of and manage their finances better, they responded better to prompts that are fun and “do not make them feel guilty”.
As such, TMRW was designed to help customers meet their saving goals in fun and achievable steps, said the bank. TMRW features a game where customers can build a virtual city as they save. As users level up, they unlock options to enhance their virtual cities.
The digital bank’s language is also “free from banking jargon and easy to understand”.
Kevin Lam, president director of UOB Indonesia, said: “Ninety-six percent of Indonesians own a mobile phone and the number of consumers who are connected to the Internet has steadily increased over the years.
“The next generation of Indonesia’s changemakers are mobile and want on-the-go digital services that enable them to achieve their aspirations. With TMRW, we hope to help them meet their financial goals and to support them as they build a better tomorrow.”
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