O-Bank (王道商業銀行) on Monday said that its digitally focused strategy has attracted more than 35,000 new accounts, while 10,000 investment trust accounts have opted to use the lender’s “robo-advisory service.”
The majority of clients who participated in the bank’s month-long automated advisory pilot program earned monthly returns of between 1.8 percent and 2 percent, the company said.
The service employs an algorithm that recommends investment targets according to a client’s preferred risk profile, O-Bank said, adding that those with more appetite for risk are directed toward equity funds, while more conservative clients are advised to invest in bonds and foreign currency funds.
The bank is launching the robo-advisory service for fixed monthly investment installments of between NT$3,000 and NT$30,000 (US$98 and US$981) at between NT$19 and NT$49 per month, with a NT$3 million cap on the assets managed per account, it said.
“O-Bank aims to meet the needs of clients younger than 35,” chief retail banking officer and senior executive vice president Jerry Sung (宋靖仁) said at a news conference.
Unlike its peers, the company has no immediate plans to offer credit cards, Sung said, adding that O-Bank’s debit cards offer cash-back rewards that are more attractive to its target audience.
Debit card spending has risen from NT$30 million to NT$3 billion per month since the company was founded in January, the lender said.
O-Bank has introduced “mini-loans” of NT$10,000, NT$30,000 and NT$50,000 with a 6.66 percent interest rate, which it said is more favorable for borrowers compared with revolving credit loans.
Most clients who use the robo-advisory service are men aged between 30 and 40 who work in the technology or manufacturing sectors, Sung said, adding that students aged 23 to 24 have also shown an interest in the service.
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