UOB counts on omni-channel edge to fend off digital bank challenge

UOB is banking on an omni-channel approach to hold off competition from the upcoming Singapore digital banks, as its data shows customers still prefer the face-to-face approach in certain cases.

UOB's head of personal financial services Jacquelyn Tan told The Business Times that the bank welcomes the freshly announced digital banks, but is confident that UOB can offer consumers the best of both worlds.

"With digital banks coming on board, you will see consumers attracted to the value proposition of the offerings that they would have on the table - that is not a surprise," she said. "But ultimately for us, we believe we are well-placed because we have been investing in our digital capabilities and transforming the physical network.