Turning pandemic woes into a sea of opportunities for digital banking
Bank SinoPac has demonstrated its digital strength to accelerate the digitisation of its customer service and internal operations.
It is a given that the COVID-19 pandemic affected all industries in one way or the other. Whilst some industries had more difficulty in repositioning themselves in the market amidst economic uncertainties, others have broken through barriers and have turned these challenges into opportunities to maximise growth.
In Taiwan, the demand for online financial services increased, with the highest proportion of withdrawals, transfers, investment transactions, and exchange of foreign currencies. This has fast-tracked digital transformation journeys as remote working becomes the new norm.
To keep up with this trend, Bank SinoPac has demonstrated its digital strength to accelerate the practice of digitisation of customer service and internal operations.
It has built a 24-hour one-stop online platform called the "Bank SinoPac Digital Drive-Thru." The platform integrates services such as account application, account inquiry, investment, and wealth management.
Bank SinoPac also needed to ensure that the risk of infection for employees and customers was reduced. As such, it has partnered with Microsoft to introduce "Video Identity Verification" into its services. The digital tool provides customers with the flexible solution of video identity verification for financial services that require signature witnessing during the pandemic.
Moreover, it has launched the "iBranch” platform to digitise the service process at the branch counters, integrating pre-filled forms, online number-taking, account opening on the cloud, and floating teller services.
The remote working also allowed Bank SinoPac to introduce Microsoft's "Windows Azure Virtual Desktop" system that is connected to the company's computer desktop through the cloud interface so that employees can work in the comfort of their homes. It also established its digital management tool, "SinoPac Cloud App," to monitor employees' health and work progress at home in real-time.
However, the bank still encountered some challenges despite its extensive adoption of digital tools.
“In the face of a sudden pandemic, the biggest challenge was that interdepartmental cooperation was needed to quickly set up the digital transaction platform and video identity verification to ensure that the bank continues to operate within the limited time,” Bank SinoPac said.
At the same time, it had to enhance information security given that most of its processes have been integrated online. In some of its digital tools, security control measures included adopting a secure transmission communication protocol to protect against cyber threats and adopting two-factor authentication to prevent unauthorised access and intrusion risks, amongst others.
“Our IT staff also strengthened the strict information security controls, increased the frequency of internal information security promotion, and reminded employees to protect the company from data leakage and malware threats. In addition, we brought the uninterrupted operation to customers and employees whilst ensuring information security,” the company said.
Despite the difficulties brought by the pandemic, Bank SinoPac has maintained its operations without compromising the health and safety of its customers and employees. Through innovative technology and service reengineering, it has deployed various measures in customer service, employee care, and social care.
The bank’s efforts have been widely recognised in the industry, as it has received the Domestic COVID Management Initiative of the Year Award for Taiwan at the Asian Banking and Finance: Wholesale Banking Awards.
The prestigious awards programme honours outstanding banks that have introduced groundbreaking wholesale banking solutions, products, and services that have proved to be game changers in the industry.
“We are very honoured to receive the recognition from Asian Banking & Finance. Thanks to the joint efforts of our colleagues, we will continue to improve our digital services and join hands with customers, companies, and employees to practice the corporate culture of making a better life with finance,” Bank SinoPac said.
After the pandemic, the bank mentioned that it will continue to pay attention to the economic environment, changes in consumption patterns, and the needs of our customers to provide investment, consumption, and loan products in response to the economic recovery.
“In the future, we will continue to deepen and refine our financial service platforms to provide a more user-friendly and convenient experience from the customers' perspectives to enhance customer satisfaction,” Bank SinoPac said.