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How Digital Wealth Is Transforming Your Customers

Key takeaways

  • Traditional financial institutions have limited imagination and need to be open to collaborations with start-ups with more creative solutions
  • Procuring customer data is just the basics. What is important is using that data to reach more customers and provide better solutions
  • Personalisation is important for digital solutions as well as marketing campaigns

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Ta-Chin Li

Fintech Consultant at Cathay Holdings

Fintech Consultant at Cathay Holdings

Qn 1: What’s the number one thing your customers want, and what matters to them most? 

Answer: People in Taiwan are used to physically visiting banks for their financial services and are not accustomed to using digital financial platforms. Due to their aversion to technology, we think that educating people and getting them comfortable with digital platforms is the most important thing. From there, we promote inclusivity by offering a diverse range of products that are customised to the needs of different individuals. For example, we offer in-depth insights into our tools and portfolios for high net-worth individuals who want a more hands-on approach. On the other hand, we offer our Robo-advisors tool to budding investors who might require more support.

Qn 2: What strategies have you used to address the digital gap?

Answer: We’re putting our effort into marketing to advertise the forms of active investment that prospective clients can use on our platforms. We also promote our services and promotions on communication apps like LINE which is widely used in Taiwan. For convenience and greater accessibility, we have enabled potential clients to visit our platforms directly through LINE.

Qn 3: Which solutions do you currently, or have tried to, use to address the digital gap? 

Answer: People respond better to services that are customised to them. This is also true for marketing advertisements. Targeted advertisements show your customers that you care and that you know what products and services will be beneficial to them.

Another thing we’re looking at is enhancing our Robo-advisor platform to offer clients a wider range of investment options. We are attempting to expand and diversify the products available on the platform such as mutual funds and ETFs.