KGI Bank (凱基銀行) announced yesterday that it has teamed up with two app developers to expand its mobile services as part of its partnership-focused financial technology (fintech) strategy.
Its said it had opened it application programming interface (API) to CWMoney, a personal finance app that tracks income, and Pi, a mobile wallet developed by a subsidiary of PChome Online Inc (網路家庭), the bank said.
The apps would provide an improved customer service experience, reinforced by the bank’s transaction systems, it said.
“Unlike other banks that aim to build a closed ecosystem of apps and services, we intend to partner with fintech developers,” KGI Bank head of fintech and new financial services Brian Chou (周郭傑) said.
The financial sector has much to learn from fintech developers in identifying customers’ needs and using the knowledge to build the ideal user experience, Chou said.
A survey has shown that customers most desire payment and personal finance management features, Chou said, adding that Pi and CWMoney are the ideal solutions.
Services that are accessed through a bank’s Internet portal or mobile app have a much more limited customer reach compared with independent apps that have an established user base, Chou added.
While the two apps are market leaders in their own right, their capabilities have been enhanced by the partnership, he said.
API allows customers to use Pi wallet to pay for a variety of bills, such as credit cards, parking, mobile phone plans and highway tolls, while CWMoney automatically tracks the payments to help customers monitor their spending.
The arrangement would allow Pi to submit bill payments for credit cards issued by 29 local banks, KGI Bank said.
The fee that is charged to payees would be shared by KGI Bank and its partner apps, Chou said.
“We believe that the delivery of financial services will become increasingly fragmented and modular, and customers’ varying requirements will be best served by customized solutions,” he said.
The bank is aiming to place its “KGI Inside” modules into more apps and glean deeper insights from its growing amount of transaction data, he added.
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