The Qualtrics research “The evolving state of customer experience in the financial services” revealed that today, more than ever, there has been a greater focus on customer experience, which is considered critical in financial services providers’ success. As the consumers’ behaviors rapidly evolve with the fast-changing digital economy, so are their expectations.

According to the study conducted across APAC, though online banking services are already being widely used in the region, there has been a significant increase in the consumers’ openness for digital-banks only or neo-banks. 72{aa282f308afcc222aaa21b0478c79e01a8fedd01972e2180867097bd93930f22} of consumers across the region are interested in using neo-banks in the next 12 months, driven by the expectation of receiving a better customer experience from a neo-bank. In Indonesia, 89{aa282f308afcc222aaa21b0478c79e01a8fedd01972e2180867097bd93930f22} of the respondents said they had some form of e-wallet and 64{aa282f308afcc222aaa21b0478c79e01a8fedd01972e2180867097bd93930f22} said that they are willing to switch to non-traditional life insurance providers such as digital banks and fintech companies.

Bank Neo Commerce Focusing on XM

To gain a competitive advantage in the increasingly aggressive digital banking sector in Indonesia, one of the leading banking providers in the country Bank Neo Commerce has partnered with Qualtrics to deploy an experience management platform that would provide in-depth, actionable market and consumer insights. Qualtrics CoreXM, a single platform for data collection and analysis across every part of a business, enables Bank Neo to better understand the changing consumer behaviours and expectations.

Tjandra Gunawan, President Director of Bank Neo Commerce, highlighted that the institution is committed to meet the end-to-end digital banking needs of every Indonesian and is laser-focused on improving its products and services to meet their changing needs.

“By rethinking the traditional market research program with Qualtrics, Bank Neo is able to differentiate itself in the competitive digital banking sector through access to real-time insights that help us take confident and precise action to continually improve our customer, brand, and product experience. Using the findings from the market research, we’d love to know our users better in every aspect and to give them the neo banking experience with Bank Neo to serve them Banking, Above & Beyond,” Gunawan explained.

Benefits of Adopting a Modern Research Platform

Harnessing the capabilities of Qualtrics CoreXM, Bank Neo is able to:

• Conduct ongoing market and consumer research studies to rapidly understand how preferences are evolving, with real-time access to insights 
• Continually improve and personalise the experiences it delivers to customers using Qualtrics XM Directory – a single database for all customer and employee experience data
• Combine Bank Neo’s operational data, such as CRM and marketing automation tools, with the collected feedback stored in XM Directory to build rich customer profiles

Mao Gen Foo, Head of Southeast Asia, Qualtrics, shared that Bank Neo is one of the first organisations to adopt this innovative approach in Indonesia. The bank has seen immediate returns on its investment on Qualtrics’ modern, agile research platform that incorporates a range of studies to help the organisation identify the products, services, and experiences expected by consumers.

“With customer needs and expectations across all industries evolving rapidly, having full autonomy of market and consumer research programs is now essential. Bringing research capabilities in-house allows organisations to cost-effectively and efficiently scale and manage such programs, while access to real-time insights supports faster and smarter decision making,” Foo stressed.

The post Bank Neo Commerce Deploys Qualtrics CoreXM  appeared first on InsideSAP Asia.

A study by Bain & Company, Google, and Temasek (2020): The Future of Southeast Asia’s Digital Financial Services, revealed that over 70{aa282f308afcc222aaa21b0478c79e01a8fedd01972e2180867097bd93930f22} of consumers are either underbanked or unbanked and millions of small and medium-sized enterprises (SMEs) in the region face large funding gaps today. In Malaysia, around 55{aa282f308afcc222aaa21b0478c79e01a8fedd01972e2180867097bd93930f22} of the adult population is still underbanked and unbanked.

According to the report, through technology and data, these opportunities can help Southeast Asia’s digital financial services (DFS) industry reach its potential of generating up to US$60 billion by 2025.

Bank Negra Malaysia Driving Change

Bank Negra Malaysia (BNM) welcomed 2021 with the launch of the Licensing Framework for Digital Banks designed to ensure that new challengers with innovative business models that will operate for the best interest of Malaysia, which includes helping the unserved and underserved segments. Though existing bank licenses in Malaysia already allow incumbents to provide digital banking services, BNM’s latest initiative will be paving the way for smaller, more agile challengers to compete in the DFS sector. 

“Through the use of agile technology platforms and data analytics, digital banks are expected to widen the offering of banking products and services that are more targeted towards solving Malaysian consumer pain points, particularly for the unserved and underserved consumer segments. The bank will adopt a proportionate regulatory framework as well as require digital banks to observe limits on aggregate asset exposures during the initial years of operations,” said BNM in its Annual Report.

Commenting about BNM’s impending issuance of digital banking licenses, SAP Malaysia Managing Director Hong Kok Cheong emphasized that now is an opportune time for banks, governments, and technology experts to collaborate to enhance financial inclusion and digitize the economies. He said:

“While the Covid-19 pandemic is accelerating the migration to digital, the regulation across the region is also becoming more open. The governments are more supportive and increasing the license allocations for digital bank operators.” 

Hong highlighted that having the right business model to grow, scale, and turn profitable ensures the success of digital banking and that SAP can cater to both current and new players. He said that with Asia’s population size, scalability is significantly important. The SAP Malaysia MD also explained that successful digital banking players offer a superior or unique customer value proposition, stable revenue generation and profitability, high levels of efficiency from their technology stacks, and great platform scalability.

SAP and Digital Banking 

SAP has been supporting the banking and finance industry with integrated applications, intelligent technologies, and a digital platform that enable banks to better serve current customers as well as reach the underbanked to support financial inclusion.

Specific to digital banking, SAP offers next-generation banking solutions such as SAP Cloud for Banking and Transactional Banking for SAP S/4HANA.

SAP Cloud for Banking is a package offering comprised of SAP S/4HANA Finance, SAP Banking (Loans and Deposits), and the SAP Payments Engine, running on SAP Cloud via SAP Cloud Application Services. An easy to configure, open platform, SAP Cloud for Banking allows for rapid innovation cycles and leverages the power of SAP HANA to deliver a data-driven customer experience.

Transactional Banking for SAP S/4HANA package provides financial institutions with an open-core banking platform that enables intelligent transactional banking. Aside from allowing banks to participate in ecosystems — supporting open banking and beyond– it also facilitates cost savings through intelligent technologies and processes.

“In today’s digital economy, Malaysian banks – including upcoming digital banks – have the potential to exceed customer expectations,” Hong said.

The post Bank Negra Malaysia Charting the Course for Digital Banking appeared first on InsideSAP Asia.

The coronavirus pandemic has changed the banking industry, increasing the demand for digital banking capabilities to ensure daily transactions are done seamlessly.

Union Bank of the Philippines (UnionBank), consistently been recognised as one of Asia’s leading companies and ranking among the country’s top universal banks in terms of profitability and efficiency, has tapped SAP for a new banking model that would support customer-centric services.

As a pioneering financial institution in digital banking, UnionBank aims to pioneer the “Data Science Factory” model in Southeast Asia’s financial sector with SAP Data Intelligence and improve all its operations’ end-to-end perspective.

Centering on Customers

Speaking about the latest SAP digital technology adoption centred on customers, David Hardoon, UnionBank Data and Artificial Intelligence Senior Adviser, explained:

“We need to ensure that there is strong governance behind our processes, that the data-building has been validated and verified; whatever solutions or services we deploy are of the highest regard to fulfill our responsibilities to our customers.”

UnionBank adopted SAP Data Intelligence to provide the necessities the bank needs to create and integrate the digital model into their systems. 

Aside from providing customer-centric services, equally important is the digital bank model’s vital function on the governance and management of internal processes. The solution offers the relevant tools needed by tellers, management, and other internal staff in performing their duties and delivering excellent services to customers.

Commenting on UnionBank’s digital banking technology enhancement, Edler Panlilio, SAP Philippines Managing Director, said:

“SAP Data Intelligence’s ability to gather and interpret data has helped UnionBank to better understand their customers and provide a more convenient and comfortable experience not only for their customers but also to their employees.” 

More About SAP Data Intelligence 

SAP Data Intelligence is a comprehensive data management solution that connects, discovers, enriches, and orchestrates disjointed data assets into actionable business insights at an enterprise scale. The solution meets challenges such as managing data stored in multiple applications across complex, hybrid landscapes and mastering traditional data integration.

The solution enables the creation of data warehouses from heterogeneous enterprise data, simplifies the management of IoT data streams, and facilitates scalable machine learning. SAP Data Intelligence enables organisations to leverage their business applications to become an intelligent enterprise and provides a holistic, unified way to manage, integrate, and process all of their enterprise data. 

Below are some of the key highlights of SAP Data Intelligence:

• Integrate any data, solving the data deluge program
• Reuse any engine and orchestrate any SAP or third-party data processing engine
• Democratise intelligence by making machine learning easier to implement, scale, operationalise, and govern
• Ensure data quality by discovering, preparing, and governing data assets in the same tool
• Deploy on any mix of hyperscalers, whether hybrid or on-premise

Gartner named SAP as a Leader in the 2020 Gartner “Magic Quadrant for Metadata Management Solutions” based on its “ability to execute” and “completeness of vision” with the company’s metadata management solutions, including SAP Data Intelligence, SAP Information Steward, and SAP PowerDesigner software.

The post UnionBank Deploys SAP Data Intelligence appeared first on InsideSAP Asia.