BankBazaar Singapore – January 22, 2018
Singapore: In a recently published press release, UOB said it has introduced a new branch concept at its Tampines 1 branch keeping the lifestyle preferences and needs of its millennial customers in mind. This new consumer banking model is being currently run on a pilot basis.
Janet Young, UOB’s Head of Group Channels and Digitisation, said the bank used its expertise and experience of successfully handling the banking needs of young professionals in Singapore to create this concept.
It needs to be noted here that UOB defines its millennial customers as those aged between 26 and 35. These customers are mainly in the early to mid-stages of their professional life and may or may not have young dependent families.
Noting that the millennials are digitally literate and prefer to use digital banking channels over traditional channels, the bank has reconfigured the layout of its Tampines 1 branch to match their lifestyle and financial aspirations.
Ms Young pointed out that according to data available with the bank, millennial customers mainly visit branches for customised financial advisory. Doing away with traditional teller counters and replacing them with personalised spaces designed to offer an environment for fruitful one-to-one financial discussions, was the first step.
Keeping the digital-first approach of this special set of customers in mind, UOB has also set up a QR code wall and five self-service machines for rendering bill payment services in the branch lobby. These machines can be used anytime during the day.
According to the news release, a customer can approach the QR code wall, scan a code with their smartphone and get directed to a service of their choice. They can also find relevant information instantly.
Keeping its design thinking approach in focus, the bank has decided to set up an ice-cream corner in the adjoining retail space to provide a complete banking experience that complements with the lifestyle of their millennial customers.
UOB has tied-up with Sugarhaus, a popular local ice-cream parlour and café, to delight its customers while also providing smart banking solutions attuned to their needs.
The bank has informed that the counter would be serviced by a robot named Charlie. This autonomous delivery robot is expected to serve the customers with better precision, speed and efficiency.
According to the press release, residents aged between 25 and 34 have increased by 13% over the past decade and now comprise 15% of the total population in the area. It offers the perfect ground for testing the new consumer banking model as the bank predicts the area to be inhabited by more young professionals and families in the near future.