RETAIL BANKING | Staff Reporter, Singapore

How Asian banks are dealing with digital banking and social media capabilities

Are all banks on the same level?.

Asian Banking and Finance sought the experts' opinion on Asian banks' performance when it comes to catching up with the fast-paced banking technology.

ABF: As customers demand seamless transition between channels to access products and services, how are Asian banks faring in terms of setting up efficient digital banking and social media capabilities?

Darryl Ye, Lead Analyst at East & Partners Asia: In terms of satisfaction ratings in digital banking channels, the Big Three (HSBC, SCB & Citi) seem to do slightly better than the Asian banks. But that’s probably because they have bigger budgets to invest in IT infrastructure and social media. According to East & Partners’ research program; Asia Institutional Transaction Banking results for May’14, Satisfaction rating for Electronic Service Delivery, the Big Three banks take top 3 spots with average satisfaction score of 1.13 between them, on a scale of 1 to 5, where 1 being very satisfied.

Jeffrey Tjoeng, National Emerging Business Head, OCBC NISP: Given the advances of technologies and proliferation of smart phones, banks need to follow such trend and ensure its infrastructure, products, services, systems, etc., are geared towards such new lifestyle. Banking transaction is no longer confined to brick-and-mortar model, but virtually through the apps. The issue obviously is to balance between convenience, security, and customer touch. We do not see yet any bank that is following the trend in a holistic way.

Liew Nam Soon, Asia-Pacific and Singapore Financial Services Advisory Leader at Ernst & Young: Most Asian banks have digital offerings and social media capabilities. Gaps exist in providing an integrated service offering that can offer a tailored customer experience and also serve to enhance revenue for the bank. The biggest challenge is in the availability of data and large investments are being made by leading banks in these areas.

In photo (from left to right): Jeffrey Tjoeng, Darryl Ye, Liew Nam Soon

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