On the 20th of October 2022, twimbit, in partnership with f5 and Kyndryl, organised the inaugural “Bank of Tomorrow Asia Pacific Summit”. Tyler Munoz of Publicis Sapient and Jantima P. of SCB embrace our presence, sharing their thoughts and viewpoints on whether every bank should build a Superapp.
Session Title: Should every bank build a Superapp?
Speakers:
- Tyler Munoz, Senior Client Partner, Publicis Sapient
- Jantima P., VP of Technology Strategy & Business Development, Siam Commercial Bank (SCB)
Putting the customer at the front and center of your business
Superapps are changing the digital landscape in Southeast Asia. It consolidates multiple features into a single app and provides consumers with hyper-accessibility to multiple services in the region.
“As a bank, we have to go where the customer is, where payments occur. We should develop products from a customer-centric perspective, focusing on solving customer problems and creating a favorable experience – ultimately becoming an essential part of their life journeys.”
Financial transactions are at the heart of the customer’s life journey. SCB is aware of the banking industry being a business of trust, always placing its customers first when developing its solutions. The bank has launched a few applications that are well utilised and resonate with customer needs.
- SCB Easy app makes banking seamless and insightful with convenient cash withdrawals from the app to personal financial assistants to assist in expense tracking.
- Robinhood, its food delivery platform, eliminates subscription fees, which enables eateries to sell better quality and larger portions of food at reasonable costs.
Personalise offerings for different consumer demographics
Solving customer challenges is SCB’s specialty. Their unique strategy to tailor its offering to serve a dedicated segment of consumers shines brightly in the banking space. For example, it has developed a “Smart University” application specially for university students, teachers and alumni.
Through this all-in-one app, users are able to check into classes with their virtual IDs, sign up for activities via QR codes, access on-campus bus routes and receive notifications on campus-related updates. The app integrates multiple features and functions essential for students into a centralised platform, making the digital student lifestyle highly attainable. Currently, the Smart University platform is utilised by more than 10 universities, with a total of 100,000 students using the application.
Continuous innovation for a greater impact
SCB’s success lie in its constant strive for a better experience. On top of designing products from the customers’ lens, the bank also monitors its progress closely to delivery top-quality services and experiences. Its Smart University app has a roadmap that is planned out for a period of three years, with constant revisits on its priorities every year to make sure that the progress is in line with what customers need. With the ecosystem allowing the team to continuously learn about what’s working and what’s not for the app users, the team improves its roadmap depending on consumer behavior and traits.
Superapps are redefining the digital customer experience, with SCB’s great stories demonstrating the need to differentiate from the rest of the pack. Organisations should place customers at the core of their businesses, deliver tailored solutions that align to customer values and innovate continuously.