Best digital private bank in Taiwan 2023
Clients of Bank SinoPac could be excused for wondering if their wealth managers have arrived from the future.
When engaging their private bankers these days, clients encourage talk of robotic process automation, artificial intelligence, optical character recognition technology and a robot adviser service called ibrAin.
At SinoPac, science fiction has been morphing into science fact since 2020, when the bank launched a digital transformation plan. Its two main objectives were to create super-dynamic ways for customers to access bank products and services, and to unleash AI-driven disruption on its service model.
Under David Chung, head of trust division, SinoPac now sets the digital pace in Taiwan’s private banking circles.
Its integrated digital platform DAWHO is popular among the younger generation, for instance, and the bank’s passion for digital disruption is transforming its internal workings to cut costs and improve customer responsiveness.
For example, its robotic process automation technology has now replaced the usual method of uploading and downloading dividend distribution information. This saves time and data storage space. It also avoids discrepancies that human error can introduce into the process.