Singapore's United Overseas Bank (UOB) is attempting to revolutionize the banking industry as it introduces a new mobile app – TMRW – for millennials who want to save their money. What's special about UOB’s new app is that users will no longer be saving money the old conventional way.
UOB's head of group retail digital, Dennis Khoo said the app was created based on the understanding that millennials are doing things way differently compared to the previous generations. Through the TMRW app, the more money users save, the faster they level up in the mobile-only digital bank app. As users level up, they can unlock various game options.
|UOB's head of group retail digital Dennis Khoo showcases the TMRW app. IMAGE: Singapore Business Review
According to Khoo, “We know the Millennials are going to be different, they are going to work differently, play differently, and we know that they are going to bank differently. Being able to launch a bank that understand their needs, evolve with them is going to be very important for any retail bank."
He adds that within 10 to 15 years, the millennial generation will be the core group of customers. So having an understanding on what appeals to them is key.
Khoo said, “While ASEAN is known for its diversity, there remains a set of fundamental expectations by the digital generation when it comes to digital services, such as simplicity and engaging user experience. So we took the time needed to understand our millennial customers and how and why the engage wih apps and digital services the way they do.”
|The TMRW app is the first mobile banking app of its kind. IMAGE: Manager Online
The app is set to be launched in Thailand before it will be rolled out in Indonesia, Malaysia, Singapore and Vietnam by the end of the year. In beta-stage testing, 1,500+ people have already been beta testing the app and UOB says their response has been positive.
While the app in itself makes saving money fun and interactive, TMRW comes with insights, which tracks the expenditure of the user and can alert users if expenses exceed the required limit. Featuring a chatbot and a call function, the app has also been designed to be as user friendly as possible.
UOB’s says that, “Having a mobile-only digital bank enables us to explore new frontiers when it comes to designing a user interface based on customers’ banking behavior and needs, and to be sensitive to the nuances of each market. This means is that TMRW will not be a static one-size-fits-all app, but a digital bank that will continue to learn to create increasingly simple, transparent and engaging experiences for TMRW customers in each of our ASEAN countries."