All-Digital O-Bank Succeeds Without Brick-and-Mortar Branches
Some banks add digital channels. Taiwan’s O-Bank was born all digital. It has no branches and instead provides customers with smart, convenient and customized service via a smartphone app and a 24×7 video contact center. In the two years since it launched, it has won over 260,000 customers—close to 30% of the digital bank accounts opened in Taiwan in this period and Avaya is at the heart of its success.
O-Bank is a latecomer to Taiwan’s retail banking sector—and it’s using that to its advantage. Created by the former Industrial Bank of Taiwan, it thought differently about how to attract customers. Its answer: become the country’s first native digital bank.
Unencumbered by a branch network and old systems, it has created an entirely new service model, based around a powerful smartphone app. Customers transfer funds, pay bills, apply for loans and manage investments through the app. But at O-Bank, even the highly regulated process of account opening is conducted through a smartphone. It takes just 10 minutes.
“We want to offer the most innovative and convenient customer experience,” says Becky Yang, Head of Customer Service at O-Bank. “Avaya is helping us do that.”
“From our industrial bank days, we knew Avaya could provide the contact center solution,” Lin Tom, O-Bank’s vice-president reflects, “but having the same partner across the customer experience has made things simple for us.”
In just over two years since O-Bank launched, its digital-native model and outstanding service has won it a series of prestigious awards, including being named Most Innovative Digital Business Model by Gartner in its 2017 Financial Services Eye on Innovation Awards for the Asia Pacific region. More importantly, customers love it; O-Bank has attracted over 260,000 customers, more than 30% of all new accounts opened in that period. 80% of its customers are under the age of 40.
The bank is now working hard to maintain its reputation as a leader. “Our goal is to make every customer engagement as effective as possible,” Becky Yang concludes. “We’re looking to add capabilities like text chat in a video call and screen sharing. Working with Avaya, we can make those things possible.”
Find out how digital-native O-Bank is disrupting financial services by providing customers with all digital #ExperiencesThatMatter.