Taipei Fubon Bank has earned the trust of its customers with its customer-oriented approach, pursuit of innovation and sophisticated service, and has championed sustainability on a foundation of financial innovation in the corporate, social and economic realms, earning the bank considerable recognition from around the world.
On the institutional side, the corporate loan business grew rapidly and the syndicated loan business ranked third among privately run banks. On the retail side, a branch renovation project that localised service and product and service innovation generated solid growth in deposit, investment, insurance and credit assets. Outstanding mortgages ranked second among privately run banks and insurance sales ranked third among banking channels.
Taipei Fubon Bank is rolling out a Bank 3.0 digital banking environment that will use big data analysis to develop new revenue streams and set up advanced information systems to meet the growing demand for online and mobile banking services.
At the same time, the bank continues to integrate its branches and virtual channels to meet customers' evolving financial services needs. Branches around Taiwan are being renovated to make branches more efficient, while internet and mobile banking services are being optimised to drive innovation in the customer experience and boost the overall quality of service.
Innovation and Technology Driving New Trends
To deliver a better, more convenient banking experience, Taipei Fubon Bank has pioneered new “financial living” models that integrate cloud computing, big data, and artificial intelligence into daily life settings. The J card, aimed at frequent travelers to Japan and South Korea, accelerates review processes and offers a unique feature - users can increase their credit card limit with a simple tap of their smartphones, creating a great user experience.
By the end of 2019, 670 000 J cards had been issued, a new high for any single JCB credit card in Taiwan! It also moved Taipei Fubon Bank into the top five credit card issuing banks with 3.29 million cards in circulation.
Smart investment platform Nano Investments, launched by the bank in collaboration with Nutmeg, the U.K.’s biggest robo-advisor, enables people to invest as little as US$ 100 in global diversified portfolios through fractional shares technology, helping them minimise risks and earn stable returns. By the end of 2019, assets under management in the platform had reached NT$1.4 billion, and over 97% of investors had earned positive returns.
Mobile payments are also ripre for innovation. The bank initiated Taiwan’s first blockchain interbank transfer sandbox experiment. The new technology simplified the transaction process and lowered costs, and may be extended in the future to cover cross-border remittances and supply chain financing. In another first, a new AI loan approval app was introduced that allows associates to check a company’s credit on the spot and calculate a precise credit line and loan rate, providing a more convenient SME loan experience.
Taipei Fubon Bank has assertively expanded overseas to support the global development of its customers, establishing a platform that spans Taiwan, Hong Kong, China, Vietnam, Singapore and Indonesia and offers efficient channels, innovative products and professional service. The eventual goal is to create a one-stop shop service platform that will help corporate clients go international and expand their size and network, and have them make the bank their top strategic banking partner.
As Taipei Fubon Bank develops a robust financial services platform across the region, it has not forgotten the spirit of giving back through tangible actions. The Bank has held an annual “Budding Tycoon Money Management Camp” since 1998 to foster healthy attitudes toward money among young Taiwanese and help them understand future financial trends.
Another initiative was launched in 2012 in cooperation with the Fubon Cultural & Education Foundation called the “Future Tycoon Outreach Programme” to narrow the urban-rural divide and help disadvantaged elementary school students in remote areas learn basic concepts on how to properly manage money.
These long-term efforts have successfully planted the roots of financial literacy education in Taiwan.