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BRANCH BANKING | Staff Reporter, Singapore

UOB opens first 'non-traditional' branch for millennial customers

The new branch has more self-service machines and a QR code wall.

United Overseas Bank (UOB) announced the opening of a 'non-traditional' branch in Tampines with a new branch concept to offer its millennial customers relevant financial solutions and services.

The bank used Design Thinking to enhance the banking experience for these customers, who are typically more digitally-savvy. Design Thinking is a strategy-making process based on data and evidence to create solutions that meet customers’ changing needs and to improve the customer experience.

UOB head of group channels and digitalisation Janet Young said, "We know that UOB’s millennial customers prefer to bank through digital channels or by using self-service machines. Our data shows that when they visit a branch, it is more likely to be for services such as financial advisory. Taking the preference in branch for personalised financial advisory as an example, we reconfigured the branch layout, did away with traditional teller counters and focused on created spaces for our customers to hold private conversations about their financial aspirations."

In keeping with the digital-first approach of millennial customers, a new feature of the branch is a QR code wall where customers can use their smartphones to scan a QR code to be directed to information that interests them. The bank has also set up five self-service machines in the branch lobby which are accessible at any time of the day.

As part of UOB’s Design Thinking approach to create a banking experience customised to the lifestyle of millennial customers, the bank has also tied up with a local ice cream parlour and café to operate an outlet at the adjoining retail space.

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