IDC is pleased to announce the following winners of the 2017 IDC Digital Transformation Awards for Taiwan:
Facing the fact that young generation tends to use digital channels for their financial services instead of going to a physical bank, Taishin launched Richart, its digital bank in April 2016. Richart has been designed to provide the best user experience and products. With continuous customer research, Richart provides the most innovative functions in the market, with three of them protected by patents. Richart has released 7 major updates in 11 months.
Richart has reached huge success with over 90,000 new savings account applications in less than one year, with 70% of customers newly acquired and under the age of 35, matching the goals of Taishin’s strategy to attract a younger market. Now, Richart has become the biggest digital bank in Taiwan, paving the way for the successful digital transformation of Taishin.
DX Leader – Operational Transformation
Adaptive Taipei Smart City Project
In the past, collaboration between the public sector and partners in the industry and academia is often limited by regulations, which place strict rules upon the role played by the former. In light of this, the Taipei City Government Department of Information Technology (DOIT) established the Taipei Smart City Project Management Office (PMO) in 2016.
Through the Public-Private Partnership scheme, DOIT and PMO worked together to collect and determine the needs of the government and its citizens. They also worked on introducing innovative and creative resources from the private sector, strengthening the capabilities of city agencies to meet citizens’ expectations, and making the city government more willing to accept innovation and change. In addition to supporting numerous internal projects, DOIT and PMO came up with appropriate app utilization scenarios and devised workable resolutions tailor-made for Taipei based on brainstorming exercises and meetings among city agencies, industries, and academia partners.
One year since its establishment, the platform has successfully conducted more than 60 cases of matchmaking, introduced industry resources in support of central government’s policies, and provided better smart services for citizens. Taipei has been transformed into a living lab through the efforts of public-private partnership.
DX Leader – Omni-Experience Innovation
E.SUN Cross-Border Platform
E.SUN Cross-Border platform enables Chinese visitors to use Alipay when shopping in stores in Taiwan so they are encouraged to continue visiting Taiwanese merchants’ websites and pay with Alipay or Tenpay after they return to China. This model helps Taiwanese merchants cultivate an offline-to-online (O2O) cross-border buying pattern and features the following characteristics:
- Online (E.SUN Trade). E.SUN Bank teamed up with China’s two leading payment service providers (with a combined market share of 70%) to make Taiwan’s quality products available online to Chinese consumers.
- Offline (E.SUN mPay). By building a friendlier electronic payment environment, E.SUN Bank has made it possible for Chinese consumers to shop in 11,000 stores and three major convenience store chains and pay via mobile payment.
- Helping Taiwanese merchants conduct cross-border transactions. E.SUN Bank supports SMEs in Taiwan by expanding their channels and customer bases and promoting MIT products to market products in China and injecting cash back into Taiwan. E.SUN Bank helps merchants eliminate issues with foreign exchange by making it possible for them to accept payments in NTD.
- Connecting payment and logistics information. By connecting orders with third party logistics service providers, E.SUN Bank makes it easier for merchants to conduct cross-border e-commerce.
DX Leader – Information Visionary (Joint Winners)
Comprehensive Customer Portrait Database
Aiming to provide financial services that better meet customer needs, Taishin Bank has integrated existing data and conditional filtering functionality to develop an innovative comprehensive customer portrait tag system. Centered on individual needs, the system can rapidly and systemically filter client lists. Analysts and non-analysts alike can quickly learn how to use the system. Working through interactive channels (including questionnaires, customer service centers, and branches), the system can use customer behaviors and characteristics to give them recommendations tailored to their needs. Taishin Bank will continue to collect customer feedback to adjust its internal databases, product design managers, and channels; so the bank can introduce the products and services its customers need and improve Taishin’s customer satisfaction.
Data-Driven Customer Engagement at the Digital Bank
As part of its digital transformation, Cathay United Bank built a big data ecosystem that combined traditional data warehousing and the new Hadoop platform to help redefine financial services through data analysis. Meanwhile, business analytics engineering means developing data-driven engineering on a diverse, solid big data platform. Such operations include constructing consumer intention databases, analyzing digital consumer behavior by machine learning algorithms, building a product recommender to achieve integrated services and marketing practices across all channels, and creating customer value and satisfying experience. By actively exploring hidden information in data and integrating those insights with digital channels, Cathay United Bank has developed a methodology to ensure effective implementation.