Building Customer Engagement: Q&A With CTBC Bank Retail Banking CEO Amy Yang

Global Finance: How is CTBC innovating to better serve customers?

Amy Yang: To fulfill our mission of satisfying customers’ daily needs and extending payment channels, CTBC Bank built a range of payment ecosystems as part of our digital transformation strategy. By partnering with leaders in sectors such as transportation, retail, telecommunication and e-commerce, we have successfully established multiple industry ecosystems. These ecosystems not only integrate channels and services, but also offer reward points. Customers can make payments and earn reward points, which in turn encourages future transactions within the ecosystem, creating a reward-based economy.

Platform connection and membership integration were crucial to creating an optimal customer experience, which in turn reinforces customer loyalty to CTBC’s payment services, resulting in increased spending volume and transaction frequency.

GF: How do you choose partners and services that best match customer needs?

Yang: We select partners and services that align with our customer-centric commitment. We prioritize partnerships with industry leaders that bring cutting-edge technologies and innovation to the table, ensuring we stay at the forefront of the financial industry. What’s more, we actively engage with fintech startups to offer personalized services, enhancing our ability to meet our clients’ unique needs. Our strategy and approach ensure we deliver the most innovative technological initiatives to our customers.

GF: What are some of the key partnerships you’ve forged?

Yang: We cooperate with Apple to provide two solutions. CTBC is the first commercial bank to offer Apple’s iOS T2P (Tap to Phone) digital payment product outside the US, addressing small and midsize merchants’ pain points. Our Phygital Banking Platform gives customers contact-free services in our branches using Apple Messages for Business, and we are the only enterprise that offers this service in the greater China region. We collaborate with R3 to explore the application of blockchain in finance.

As one of the founding members of Contour, the trade finance blockchain, we helped design its platform, workflow and business model, and guide our corporate clients through the process of joining the network—from the point of contact to pilot to production. AutoPass is a local Taiwanese startup that offers an integrated solution app for car owners. CTBC leverages AutoPass’s data to design customized insurance services and provide cash flow support. And by collaborating with MoneyBook, a personal financial management app, CTBC provides preapproval on unsecured online lending or credit cards, accelerating the overall process. 

GF: How does social media help you engage with customers?

Yang: It enables us to engage with them in a more personalized and effective manner. Social media not only build trust, responsiveness and loyalty, but also drive product conversion. CTBC focuses on delivering financial services seamlessly across multiple platforms and catering to diverse customer needs.

Take LINE, the most widely used social media platform in Taiwan. CTBC has 8.6 million LINE friends, over 40% of the Taiwanese population. We provide real-time product notifications and use prediction models to deliver services at the most optimal times. This approach, coupled with new methods like live broadcasts on LINE and collaborations with influencers, has significantly improved the customer experience.

GF: Does social media help you communicate more effectively to specific audiences?

Yang: All in all, our success lies in tailoring our content and approach to specific demographics. We’ve not only achieved substantial follower numbers, but also high satisfaction rates on these platforms.For the young generation, we’ve leveraged Instagram to engage and educate them on financial concepts and benefits. Through fun and timely content, we’ve successfully nurtured financial awareness and promoted our offerings. Facebook has been instrumental in reaching out to customers at all life stages, and we offer financial information through short video clips to make the content easily digestible.