UOB targets millennials at Tampines branch
United Overseas Bank (UOB) is piloting a new branch concept to cater to digital-savvy young professionals and young families at its branch in Tampines.
This is in line with the bank's focus on offering relevant financial solutions and services to its millennial customers.
The UOB branch in Tampines 1 features a QR code wall - by scanning a QR code with their smartphones, customers can be directed to information that interests them.
Five self-service machines have been set up in the branch lobby. In a first, the bank has tied up with local ice-cream parlour and cafe Sugarhaus to operate an outlet at the adjoining retail space.
This first such collaboration between the bank and a retailer is part of UOB's "design thinking" approach to create a banking experience customised to the lifestyle of millennial customers.
The bank drew on its insights and understanding of its customers in the early to mid-stage of their careers or who have young families, said Ms Janet Young, head of group channels and digitalisation at UOB.
"We know that UOB's millennial customers prefer to bank through digital channels or by using self-service machines. Our data shows that when they visit a branch, it is more likely to be for services such as financial advisory (ones)," she said.
UOB also reconfigured the branch layout, did away with traditional teller counters and created spaces for customers to hold private conversations about their financial aspirations. It chose Tampines to test the new concept because it anticipates more young professionals and young families setting up home in the area.
They now make up 15 per cent of all residents there.
The branch is open daily, excluding public holidays. On weekdays it's open from 11am to 6pm, Saturdays from 11am to 4pm and Sundays from 12pm to 4pm.