CTBC Bank Co (中國信託銀行) has been recognized as the Best Bank in Asia in this year’s Financial Insights Innovation Awards (FIIA) and setting the precedent as the first local lender to receive the distinction.
Organized by the International Data Corp (IDC), the FIIA selected 16 winners out of 150 highly-qualified financial institutions across the Asia-Pacific region, the market institute said, adding that competition was especially fierce this year as the number of applicants has risen 30 percent annually.
The awardees were judged to have distinguished themselves as having not only effective solutions that meet the challenges of today’s dynamic market conditions, but also in establishing new standards in the use of information technology.
The evaluation process subjects each technology initiative to a rigorous set of scoring metrics that take into account its responsiveness to market needs, the effectiveness of deployment, impact and take up rate among customers and ability to yield business advantages.
CTBC Bank’s robot advisory, Home Bank+ digital banking service, online lending platform and Agent C, its chatbot-enhanced round-the-clock customer support channel have shown tremendous success in integrating the lender’s front, middle and backend systems for improved services, IDC said.
IDC said that in light of sweeping disruptions across the global financial sector, the lender is among those that have set precedents in validating and monetizing technologies rapidly while positioning themselves as gatekeepers of innovation in increasingly open markets as well as future-proofing their business models that would ensure their relevance.
CTBC Bank has exhibited tremendous potential, and the lender’s innovative efforts have brightened the outlook for Taiwan’s financial sector, IDC said, adding that its technological capabilities are approaching that of its rivals across the globe.
The lender’s innovative and digitally-delivered products and services have also begun changing the habits of Taiwanese customers through its ability to anticipate the market’s changing needs.
The winners this year were chosen not only because they have understood and acted on the disruptions in today’s economy, but have also taken viable first-steps in ensuring their relevance in the future, IDC said.
A year ago, CTBC Bank was also recognized as one of Asia Pacific’s Leader in Big Data Strategy by the IDC.
Concurrently, the lender also won Best ATM Innovation, Best Mortgage Offering in Retail Banker International’s RBI Trailblazers Awards, while receiving the Highly Commended distinction in the Excellence in Loan Origination, Excellence in Social Media and Customer Relations and Brand Engagement categories, the company said.
CTBC Bank added that the most recent awards mark the fourth consecutive year of recognition by RBI, the only globally editorially independent retail banking briefing service with a subscriber base made up of leading banks, consultancies, regulators and technology providers.
RESTRUCTURING: Taichung and Taoyuan profited most from local firms moving back high-end manufacturing amid the US-China decoupling of trade ties, the ministry said The government’s “Invest in Taiwan” initiative might this year see NT$627.1 billion (US$21.7 billion) of investment pledges realized, with several firms raising stakes and two dropouts due to customer losses, Minister of Economic Affairs (MOEA) Wang Mei-hua (王美花) said yesterday. Wang made the statement at the monthly meeting of the Third Wednesday Club, a local trade group featuring the top 100 firms of each business sector. Since early last year, the government has launched three programs intended to help local companies grapple with US-China trade rows and the COVID-19 pandemic, mainly through moving production lines back to Taiwan. Thus far, the ministry
JOBS AT RISK? Most Cathay Dragon routes are to be operated by Cathay Pacific or a subsidiary, but it was unclear how Taiwanese workers would be affected Cathay Pacific Airways Ltd (國泰航空) yesterday said it is planning new flight services for Taiwan as it announced a corporate restructuring that included the shutdown of its regional subsidiary, Cathay Dragon (國泰港龍), and could lead to job cuts in Taiwan. Cathay Pacific said the shutdown means that the one round-trip service between Taichung and Hong Kong per day and seven round-trip services between Kaohsiung and Hong Kong operated by Cathay Dragon prior to the COVID-19 pandemic would be terminated. “The parent company is planning a new schedule between Taiwan and Hong Kong,” Cathay Pacific assistant manager for corporate communications Moses Hou (侯恩錫)
OVERHEATED MARKET?: The gauge would be designed to provide more reliable information than private-sector data, and help improve policymaking, the council said The National Development Council (NDC) is considering creating a business climate index on Taiwan’s property market, allowing policymakers to better monitor market movements and intervene if necessary, NDC Minister Kung Ming-hsin (龔明鑫) said yesterday. Kung made the remarks at a meeting of the legislature’s Economic Committee where lawmakers from across party lines voiced concerns about housing price hikes driven by capital repatriation. Kung said that the council is assessing the possibility of creating an index designed to provide more accountable and transparent information than data provided by private-sector market analysts, and could help improve policymaking. The council would compile a report on
STOCK MARKETS TAIEX closes slightly higher The TAIEX closed slightly higher yesterday as market sentiment remained cautious over the Nov. 3 US presidential election. Contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) was again the anchor stabilizing the broader market, preventing the main board from falling into negative territory at the end of the session, dealers said. The TAIEX closed up 14.88 points, or 0.12 percent, at 12,877.25, on turnover of NT$167.982 billion (US$5.81 billion). TSMC, the most heavily weighted stock on the local market, rose 0.44 percent after fluctuating between NT$451 and NT$456. The semiconductor subindex and the bellwether electronics sector