United Overseas bank is to launch a digital-only bank to cater for the massive and increasing rate of mobile-first consumers in South East Asia.
UOB says the new bank will be powered by next-generation artificial intelligence, machine learning, data analytics, user interface design and smartphone capabilities, leveraging inhouse expertise alongside innovations provided by its recent credit assessment joint venture with Avatec.ai and its investment and partnership with Personetics.
Dennis Khoo, head of regional digital bank and digital banking, UOB says: “Over the next ten years, the global retail banking industry will undergo significant change driven by innovation, the availability of rich and real-time data as well as the different needs and expectations of the mobile-savvy customers. UOB’s distinctive approach, unique purpose-built business model and our datacentric digital bank will enable us to seize this opportunity.”
UOB is aiming to build a customer base of three to five million in the next five years for the new venture, operating at a steady-state cost-to-income ratio of 35 per cent.
The bank says it will announce further details of the consumer launch in the coming months.