Tag: banking

Australia – Bankwest has officially launched a new banking app and website, marking a significant step in its accelerated digital investment strategy. With an ambition to become Australia’s favourite digital bank, the latest upgrades aim to enhance customer experience and expand Bankwest’s presence nationwide.

This launch builds on Bankwest’s transition to a fully digital bank in Western Australia in 2024. The institution is now focused on growing its customer base in Australia’s eastern states, where it has operated as a digital-only bank since 2022. More than half of Bankwest’s customers reside in the eastern states, making this a key market for its expansion strategy.

The new app and website have been developed in close collaboration with customers to create an intuitive digital banking experience. Designed for ease of use, the app helps customers manage their finances effortlessly by offering features such as a refreshed home screen, a dedicated ‘money’ tab for transactions, enhanced search functionality, and a specialised ‘property’ tab for home loan information. Additionally, the app provides 24/7 in-app support to ensure continuous assistance for users.

A major highlight of the upgrade is the introduction of ‘Virtual Cards,’ a feature set to launch soon. This new functionality will allow customers to generate single-use or multi-use, time-limited debit or credit cards, adding an extra layer of security for online and in-store transactions.

In a bid to reinforce its national presence, Bankwest is also preparing to launch a new brand platform and a national marketing campaign in 2025. This campaign will introduce a refreshed identity and value proposition, positioning Bankwest as a leader in Australia’s digital banking sector.

Bankwest Managing Director Jason Chan said the app and website – built by Bankwest teams – were the foundations for a complete reinvention of the bank’s digital offering to customers and brokers across Australia.

“Innovation has been part of Bankwest’s DNA for 130 years, and, today, we have a clear role in the CBA Group as a growth-focused, highly competitive national digital bank, with a fresh and distinctive proposition,” he said.

He added, “Our aim is to create a digital banking experience that truly stands out in the Australian financial services landscape, and which is designed to meet the needs of a growing number of customers and brokers nationwide.”

Jason also noted that they have conducted hundreds of hours of testing with customers and non-customers across Australia and we know there’s a significant segment of the market looking for a simpler, less complicated relationship with their bank.

“These Australians are telling us they want just the right amount of bank in their lives, one that’s working hard behind the scenes to help them manage their money, while they focus their time on what’s important to them,” he said.

Jason concluded, “Our introduction of new technology to help customers tackle scams in 2024 marked the first of a new series of uncomplicated and genuinely useful experiences for customers and there’s much more to come this year.

Kuala Lumpur, Malaysia – AEON Bank has recently introduced ‘Neko Missions’ a gamification-based stamp programme, and are designed to enhance customer engagement and elevate their overall banking experience during their daily transactions.

The new feature was developed to promote greater synergy with AEON’s wider ecosystem, namely merchant partners such as ZUS Coffee and Tealive. AEON Bank’s effort to promote cashless transactions is also supported by PayNet via Neko Missions DuitNow QR programme.

Prior to this, AEON Bank has already embedded the widely–used AEON Points Programme into its digital banking app, which rewards customers that shop at AEON stores nationwide. This move has made it the only bank in the country to establish a retail loyalty programme integrated within its mobile banking app. 

The new Neko Missions aims to spark joy by introducing exciting rewards in customers’ everyday digital payment. Neko Missions’ virtual stamps called Neko Paws can be collected via AEON Bank app by clicking on the ‘Rewards’ icon and completing the Neko Missions. The current Neko Missions features AEON’s retail star tenant, ZUS Coffee, as well as PayNet’s DuitNow. 

From now until 31 March 2025, for every Neko Missions x DuitNow QR transactions of RM20 and above, customers can collect one Neko Paw, limited to two per day. A set of 10 Neko Paws can be redeemed into 1,000 AEON Points (worth RM5) via AEON Bank app.

Meanwhile, for Neko Missions x ZUS Coffee, from now until 31 May 2025, customers need to use their AEON Bank Debit Card-i to pay for their ZUS Coffee (minimum purchase of RM7) and they will be entitled to earn one Neko Paws. Upon collection of 6 Neko Paws, the rewards can be redeemed via the ZUS Coffee app.

YM Raja Teh Maimunah Raja Abdul Aziz, CEO at AEON Bank, said, “Digital banking has the potential to be more than just a payment and transaction tool. We aim to elevate the mobile banking experience for our customers by optimising it as a medium of engagement between customers and their favourite F&B or retail brands.”

She added, “Neko Missions infuses fun in daily payment and shopping activities, making cashless financial habits more dynamic. We will further develop our loyalty programme and through Neko Missions, we will explore partnerships with various merchants partners within our ecosystem, while leveraging on each others’ USP and customers brand affinity.”

Meanwhile, Azrul Fakhzan B. Mainor, senior director of commercial at PayNet, commented, “Our strategic collaboration with AEON Bank enhances Malaysia’s digital payments landscape by delivering a seamless, secure, and rewarding digital payment experience. With Neko Missions, we are integrating incentives into everyday transactions, encouraging more Malaysians to embrace cashless payments while enjoying meaningful rewards. This will strengthen customer engagement, as well as accelerate the shift toward a more connected, inclusive, and digitally empowered economy.”

Kuala Lumpur, Malaysia – HSBC is reportedly reviewing its retail banking operations overseas, particularly in Malaysia and Indonesia as well as in Mexico, as first reported by the Financial Times.

According to the report, the bank is shifting its focus beyond its core markets to reduce its consumer footprint and prioritise serving wealthier “premier” clients.

Moreover, it has been reported that HSBC is considering a substantial reduction of its retail operations in Mexico and is evaluating its presence in countries like Malaysia and Indonesia, with an eye toward capitalising on opportunities in premier banking.

It is worth noting that HSBC has been ramping up its wealth management division, especially in the United Kingdom and Hong Kong where most of its clients are coming from. 

In September this year, the global financial services company was reported recruiting hundreds of bankers to serve rich clients in the UK. A month later, the company tapped actor Tony Leung Chiu-wai as part of HSBC’s launch of its wealth programme “Wealth. Growing at every stage” in Hong Kong.

Retail banking exits are increasingly becoming common across markets in Asia, most notably Citigroup’s exit in 10 APAC markets, which included Taiwan, the Philippines, and Indonesia.

Philippines – ING Hubs Philippines has recently announced the appointment of Lana Macapagal as its new head of communications, brand and marketing communications, ushering in a fresh chapter for the organisation as it strengthens its brand presence in the Philippines. 

With over 14 years of experience in branding and marketing communications, Macapagal aims to steer the organisation’s branding and communication strategies, aligning them with global objectives while harnessing local opportunities.

In an exclusive interview with MARKETECH APAC, Macapagal discussed her new role and unveiled a strategic roadmap aimed at strengthening ING’s position as a premier global capability hub and a top of employer of choice in the Philippines.

Banking on stories to boost visibility

Before joining ING, Macapagal was the PR lead for Asia-Pacific at Rakuten Viber, where she significantly influenced the company’s public relations and communication strategies throughout the region. Over her more than five years at Rakuten Viber, Macapagal also took on business development responsibilities, forging strategic partnerships with some of the most prominent and respected companies in Asia-Pacific. Prior to her tenure in the tech industry, she launched nationwide campaigns and promotions for retail brands, which she credits with honing her marketing communication skills.

For Macapagal, effective storytelling is a powerful tool in shaping a brand’s reputation. Her goal is to craft messages that deeply resonate with audiences and stakeholders, leaving a lasting and meaningful impact. 

“By making sure our stories are authentic, compelling, and newsworthy, I aim to strengthen ING’s visibility and ensure our story reaches the right people in the most impactful way,” she expressed. 

In her new role at ING, Macapagal’s top priorities include developing a unified brand strategy, driving innovative marketing initiatives, and crafting compelling narratives to strengthen ING’s stakeholder connections.

“By thoroughly understanding our audience, crafting a clear brand message, and ensuring consistent communications across all platforms, we can build a cohesive and powerful brand identity,” she shared. 

Macapagal emphasised the importance of aligning the local brand strategy with ING’s global business strategy, ‘Growing the Difference.’ Through a deeper understanding of target audiences and a focus on consistent messaging across platforms, she aims to cultivate a cohesive and powerful brand identity.

She added, “In the past years, ING has already made the difference globally. How do we leverage this and continue grow the difference locally? This is one of the exciting challenges I am happy to take! “

Turning exits into opportunities

In 2022, ING announced its decision to exit the retail banking market in the Philippines, focusing solely on its wholesale banking business and global shared services operations in the country.

According to Macapagal, she views ING’s exit from retail banking not as a challenge but as an opportunity to re-establish the brand’s identity in the local market.

“ING Hubs Philippines started with only 27 employees in 2013 and is now at over 6,000 employees by the end of 2024. While shifting away from the very first digital retail banking in the Philippines may bring in some challenges, we’re in a strong position to succeed. Our strategic focus on shared services and wholesale banking positions us for more long-term success in the Philippines,” she stated. 

Furthermore, Macapagal sees this as an opportunity to shift public perception, positioning ING not just as a bank but as a global capability hub and a top employer in the shared services industry, highlighting its strengths and values.

“While there are many well-established players in the industry, ING Hubs Philippines is rapidly catching up. ING Hubs PH has a unique value proposition for our people that sets us apart, along with a corporate culture that differentiates us from the competition,” she explained.

The company is experiencing significant year-on-year growth, both in terms of headcount and the complexity of its services. Over the past 11 years, the company has evolved from offering a few banking services to providing over 280 diverse services, ranging from wholesale banking to tech engineering, data analytics, regulatory services, and more.

“As a shared services organisation, ING Hubs Philippines is a valuable partner in enabling ING Bank’s strategy to grow the difference for customers worldwide. We want to do more business, with more customers, in more ways, with customer value and sustainability at the centre,” she said. 

“Whether it’s developing an app to be used by customers worldwide or running operations on the foreign exchange markets, our work is transforming banking as we know it, touching the lives of millions and contributing to a safer financial system and society at large. It’s a great story to tell, and I am honoured and humbled to be part of shaping how we share it with the world,” Macapagal added. 

She shared that they are now rolling out a comprehensive campaign that highlights ING’s competencies, people, culture, and value proposition for Filipino talent. Macapagal proudly shares that apart from the remarkable growth of ING Hubs PH, the company has the best work culture and people offer.

Banking on change to power the future

Macapagal believes the financial services landscape in the Philippines is rapidly evolving, driven by digital transformation. Key advancements include fintech, mobile banking, online payments, cloud computing, and data analytics, alongside the rise of virtual and hybrid work environments, all of which are reshaping how financial services are delivered.

She highlighted that these advancements present key opportunities for ING. Their strength in wholesale banking allows them to support large-scale businesses with tailored, tech-driven solutions. Additionally, as a global shared services hub in the Philippines, ING is also expanding its digital capabilities to create efficient processes, innovative services, and impactful work that contributes sustainably to society.

“By staying at the forefront of these industry shifts, ING can continue to build on its legacy and drive growth in this dynamic market,” Macapagal stated. “Trends are fleeting, and public attention will always shift to the newer, brighter, and shinier things that are fun for several minutes, until the next thing comes along. Few things are everlasting: purpose and intentions.”

Looking ahead, Macapagal shared that ING’s growth ambitions over the next three to five years are not only to be a top employer of choice but also to become a world-class talent magnet. To achieve this, ING plans to attract diverse talent from all career stages and backgrounds through a deliberate, international strategy.

She emphasised that ING will always prioritise purpose-driven branding that reflects their Orange Culture values and behaviours, ensuring it remains authentic, responsible, and honest.

“We want to attract people who feel connected to our brand and our culture and can contribute meaningfully to our purpose. Empowering people to stay a step ahead in life and in business is the brand purpose and will always be our guiding principle in everything that we do,” Macapagal concluded. 

India – Recognising the need to align with evolving industry trends, digital lending platform Lentra has partnered with Landor for a brand refresh to reflect India’s shifting credit consumption landscape.

Derived from blending ‘LENding’ and ‘TRAnsformed,’ the name ‘Lentra’ reflects its mission to facilitate credit access for businesses of all sizes, promoting financial inclusion and independence.

Serving over 50 banks and NBFCs in India, Lentra’s digital lending platform empowers smarter banking with reduced credit risk and faster turnaround times. The platform enables banks to fully digitise lending processes, boost revenue, and reduce risk. Covering the entire loan lifecycle—from KYC and credit decisioning to servicing and early warning—Lentra’s cloud-based, modular infrastructure offers scalability, security, and flexibility for future-ready growth.

The brand refresh marks a pivotal step in Lentra’s journey to reimagine its identity and strengthen its market position. Designed to forge a deeper emotional connection with clients, the refresh introduces subtle yet impactful changes, giving Lentra a more sophisticated identity that resonates with today’s values.

“Brands are dynamic entities that undergo evolution over time. Our partnership with Landor helped us do just that—refine our brand identity to resonate with the evolving client expectations and establish a strong foothold in the ever-transforming credit landscape,” Lentra’s spokesperson said. 

“The positive feedback from the audience has been encouraging, reinforcing Lentra’s commitment to surpassing customer service benchmarks within the industry. With a renewed focus on brand integrity, customer journey optimisation, and industry relevance, Lentra stands at the forefront of innovation and progress in the ever-evolving landscape of credit consumption in India and is poised to drive meaningful change in the financial services sector,” the spokesperson added. 

Also speaking on the brand refresh, Landor’s spokesperson explained, “Our goal with Lentra’s brand refresh was to continue evolving expression of our original vision of creating a robust, trustworthy, and dependable brand that banks can rely on, employees can take pride in, and investors can support with confidence. The new identity reflects Lentra’s indomitable spirit that can stand the test of time and represents Lentra’s unwavering commitment to trust, transparency, and technological excellence.” 

“The Lentra tri-blade encapsulates the essence of giving and receiving, embodying intelligence, security, adaptability, and agility. Lentra’s rejuvenated brand identity serves as a timeless symbol of innovation and excellence, setting them apart as pioneers in the industry and helping banks exceed customer expectations,” the spokesperson continued. 

Lentra aims to become the leading end-to-end digital lending platform for banks and NBFCs, setting a new standard for efficiency and customer experience in the industry. With a strong focus on brand identity, user experience, and regional impact, Lentra seeks to drive a more streamlined and consumer-friendly future in lending.

Singapore – OCBC and Disney have announced a five-year strategic collaboration across three of the bank’s five core markets – Singapore, Malaysia and Indonesia. The collaboration helps OCBC’s ambition to grow its new-to-bank customers in Southeast Asia four times within five years.

OCBC will be the first regional bank in Southeast Asia to roll out a comprehensive programme that includes branded card designs, marketing activations and financial literacy content inspired by Disney, Pixar, Marvel and Star Wars characters and stories. 

These will enable OCBC to create special retail banking experiences and products, including a rewards programme that features Disney+ Premium or Disney+ Hotstar Premium subscriptions in Singapore and Malaysia, as well as special Disney-themed premiums.

By mid-2025, select OCBC cards and bank accounts will feature Disney designs or be bundled with Disney premiums and merchandise, such as limited edition OCBC pins.

The collaboration kicked off in Singapore with the soft launch of the OCBC MyOwn Account on the OCBC app. For the official launch of the OCBC MyOwn Account, OCBC will deck out its Wisma Atria branch with Disney- and- Marvel-themed photo zones, featuring beloved characters such as Stitch, Elsa and Anna, Iron Man, Captain America and Spider-Man. This is the first time in Singapore where consumers will have the opportunity to ‘meet and greet’ a special friend from Disney’s Stitch.

Financial literacy content in the form of comics, activity sheets and resources for young savers will be available digitally on the OCBC app, OCBC website, and in print at the OCBC Wisma Atria branch, to be used with guidance from teachers and parents. These comics feature beloved Disney characters Ralph and Vanellope from Disney’s Wreck-It Ralph. 

The comics provide financial literacy tips using Disney stories to make the reading experience more engaging and relatable. More than 100,000 physical copies of the comic will also be distributed to students at 110 secondary schools in Singapore.

Sunny Quek, head of global consumer financial services at OCBC, said, “We deeply value collaborations that drive beyond-banking experiences for our customers and enable us to differentiate ourselves in the market. We are excited to be the first bank in Southeast Asia to launch Disney-themed cards and offer customers special experiences inspired by Disney, Pixar, Marvel and Star Wars characters and stories. Disney characters evoke an enchanting and nostalgic emotional connection that resonates with the young and young at heart.”

He added, “Collaborations like these enable us to attract new customers and bring to the market products and services that are not based on pricing or rates alone. I am therefore confident we will accelerate our acquisition of new-to-bank customers across our Southeast Asia core markets in five years.”

OCBC’s rewards programme will benefit select debit and credit cardholders, as well as OCBC 360 Account customers in Singapore and Malaysia, and Young Nyala Account customers in Indonesia.

Singapore – Banking giant DBS has announced its foray into cryptocurrency, offering over-the-counter cryptocurrency options trading and structured notes for eligible institutional investors and accredited wealth clients.

This makes the Singapore-based bank the first Asian-headquartered bank to offer financial products whose value is linked to the price of Bitcoin and Ethereum – the two largest cryptocurrencies by market capitalisation.

From Q4 2024 onwards, eligible clients seeking to build exposure to the asset class may do so through options trading and structured notes. Depending on the product’s structure and cryptocurrency price movements, clients may earn yield on fiat or take delivery of the underlying cryptocurrency.

Moreover, eligible clients custodising Bitcoin and Ethereum with DBS may also hedge their positions against market volatility and potentially earn yield through various options structures. 

For instance, a client seeking to manage the inherent volatility of Bitcoin may buy a put option, which gives the client the right to sell Bitcoin at a fixed price at a future date, even if Bitcoin prices fall below the fixed price by that future date.

Jacky Tai, group head of trading and structuring of global financial markets at DBS, said, “Professional investors are increasingly allocating to digital assets in their portfolios. Underpinned by DBS’ strong credit ratings and longstanding expertise in structuring solutions, these financial products are an expansion of the bank’s value proposition to provide clients trusted institutional-grade access to the digital asset ecosystem. 

She added, “Now, our clients have an alternative channel to build exposure to the asset class and incorporate advanced investment strategies to better manage their digital asset portfolios.”

Currently, clients build their digital asset portfolios with DBS by trading cryptocurrencies and security tokens via DBS Digital Exchange (DDEx). Said digital exchange recently reported that the value of digital assets traded on the exchange nearly tripled in Singapore dollar terms as compared to the same time in 2023. 

Kuala Lumpur, Malaysia – Bank Negara Malaysia (BNM), the country’s central bank, has imposed monetary penalties to CIMB and Maybank as well as its Islamic banking arms over unplanned downtimes, a violation of the Financial Services Act 2013 and Islamic Financial Services Act 2013.

Maybank paid a total of RM4,320,000 for the fine imposed, while CIMB paid a total of RM760,000 in fines. 

BNM notes that between 1 June 2023 and 31 May 2024, Maybank’s regional mobile banking platform (RMBP) and MAE applications experienced multiple unplanned downtime that caused prolonged disruptions in several banking services interface with customers and counterparties. Meanwhile, on 8 and 9 April 2024, CIMB’s customers experienced prolonged service disruptions affecting e-banking channels, automated teller machines (ATM), as well as debit cards and credit cards.

“BNM expects all financial institutions to maintain a high level of their technology resilience against operational disruptions to ensure the continuous availability of essential financial services. BNM will not hesitate to take appropriate supervisory and enforcement actions when financial institutions fall short of regulatory expectations,” BNM stated in both of their advisories to both banks.

CIMB has taken the necessary remediation actions, including enhancing its real-time IT infrastructure monitoring function to further improve its recovery capabilities and prevent future non-compliance. Meanwhile, Maybank has taken the necessary actions to close these gaps as part of its multi-year infrastructure investments to prevent future non-compliance.

Singapore – OCBC has unveiled a new brand campaign across its core markets, solidifying its One Group approach to capitalise on wealth and business opportunities in ASEAN and Greater China.

As a follow-up to 2023’s launch of the bank’s brand refresh, GOVT Singapore has developed a new campaign that spans 5 markets across the region.

The campaign kicks off with two films shot by Desmond Tan from Atypical Films, supported by Fuse. Both “Perfect Fit” and “Greater Heights” tell different, human stories about one’s purpose in life. Both stories were developed to support the bank’s purpose to empower aspirations all across ASEAN and Greater China. 

It is also supported by ATL visuals that will run as an integrated campaign in Singapore, Malaysia, Indonesia and China, including Hong Kong SAR.

Koh Ching Ching, head of group brand and communications at OCBC Bank, said: “Through the two films, we hope to share that as OCBC helps to realise your aspirations, our solution is perfect only if it perfectly fits for you, and that we will walk the journey together with you to achieve greater heights. This is OCBC’s Purpose. GOVT Singapore has successfully created a compelling campaign that brings it to life with OCBC’s capabilities and the strengths of our connectivity across ASEAN and Greater China weaved in.” 

Meanwhile, Tim Chan, executive creative director at GOVT Singapore, commented, “We’ve been working with the bank for almost 8 years now. This long-term partnership is one that we value deeply, and this year’s campaign is another one that we’re massively proud of. Kudos to the team and our external partners.”

GOVT Singapore has been the lead creative agency for OCBC Bank since 2017, and has been responsible for some of the brand’s iconic campaigns including Stay True, The Financial Wellness Index, Simply Spot On, Imperfect Journeys and more. 

Manila, Philippines – Commercial banking company UnionBank has announced the appointment of Ana Aboitiz Delgado as its new president and CEO, effective on January 1, 2025.

Prior to assuming this role, Delgado is widely credited for leading UnionBank’s digital retail banking innovations such as the digital bank branch model and UnionBank Online.

She will be taking on leadership of UnionBank of the Philippines from Edwin Bautista, current president and CEO, whose 27-year career saw UnionBank go from becoming the front running digitised bank in the country to setting it on a path to become a retail bank leader.

Delgado joined UnionBank as a management trainee in November 2003. Over the course of her career, she led the business development of SME Banking and Retail Consumer Finance, which included credit cards and loans.

She was likewise tasked to lead the design of the customer experience across the Bank’s physical and digital touchpoints that will differentiate UnionBank from other traditional banks.

Delgado also expanded her role to head the bank’s Institutional Banking business on top of heading customer experience and digital channels and serving as a director of the UnionBank board and as chairman of the CitySavings Bank board.

Talking about the appointment, Erramon Aboitiz, chairman of the UnionBank Board of Directors, said, “We are looking forward to taking UnionBank to greater heights with Ana at the helm. Her experience and expertise will allow her to lead the Bank’s continued digital transformation which was started by Edwin and has put UnionBank on an accelerated road towards its aspiration to be a great retail bank.”