Winners rationale

With frequent lockdowns and travel restrictions forcing most banker-client interaction online during the pandemic, digital banking services and transformation have become the priority of almost every private bank in Asia. Yet, Bank of Singapore stands out for its ability to strike the right balance between providing innovative digital services and solutions, while remaining true to client service principles. In the new normal, the bank’s use of technology to provide customised and personalised services has helped meet the needs of a more digitally demanding client base globally.

Bank of Singapore embarked on its digital client experience journey to achieve a better client experience and streamline processes across front and back technologies. After revamping its digital channels in February 2020, it has been adding enhancements to improve clients’ digital engagement, which proved particularly effective during the pandemic.

These digital platforms have enabled Bank of Singapore’s wealth management businesses to scale through an open architecture design with modular systems compartmentalised as microservices. Open application programming interfaces (APIs) with partners have enhanced external connectivity and created opportunities for better client access to related products and services.

Essentially, this digital innovation has laid the foundation for a strategic move into the next generation, scalable digital wealth platform, enabling clients to tailor their user experience to suit personal preferences, needs and lifestyles and paving the way to deeper innovation around product hyperpersonalisation and contextualisation.

Data analytics and client behavioural insights have enabled the bank to better understand clients’ preferences and to offer personalised, bespoke services that best meet client needs, even when face-to-face conversations are limited.

Bank of Singapore is Asian Private Banker’s Best Private Bank – Digital Innovation & Services for 2021.