Singapore-based United Overseas Bank (UOB) has launched its digital bank TMRW in Indonesia, following its initial launch in Thailand last year.
The launch is part of the bank’s strategy to tap the country’s enterprising and digitally-savvy consumers looking for a transparent and engaging digital banking experience.
TMRW said to utilise artificial intelligence (AI) and complex data analytics and categorisation to offer intuitive, seamless, fast and secure account opening.
It also translates transaction data into actionable insights and uses prompts to help customers save and spend better.
It is being claimed that TMRW’s account opening procedure takes only nine minutes while identity verification is done by a live agent over a video call. The customer queries will be handled by TMRW’s 24-hour chatbot named TMRW Intelligence Assistant (TIA).
The TMRW customers will also be offered Quick Response (QR) code payments, allowing them to make payment to registered sellers and merchants by scanning a QR code.
This feature was introduced by the bank in support of the National Non-Cash Movement (Gerakan Nasional Non-Tunai), using the Quick Response Code Indonesian Standard (QRIS) platform.
UOB Indonesia president and director Kevin Lam said: “Indonesia is home to a large base of young, enterprising and digitally-savvy consumers. Ninety-six percent of Indonesians own a mobile phone and the number of consumers who are connected to the internet has steadily increased over the years.
“The next generation of Indonesia’s changemakers are mobile and want on-the-go digital services that enable them to achieve their aspirations. With TMRW, we hope to help them meet their financial goals and to support them as they build a better tomorrow.”
Last month, UOB partnered with end-to-end food and beverage (F&B) digital solution provider Getz.
The partnership allows F&B businesses to set up their online storefronts more quickly. At the same time, the cost delivering food to consumers is reduced.