Introducing ASEAN’s First Digital Bank TMRW

One of Singapore’s largest banks United Overseas Bank (UOB) has announced its plans to launch a digital bank by the name of TMRW, the first mobile-only bank designed for ASEAN millennials, in the coming months.

“While ASEAN is known for its diversity, there remains a set of fundamental expectations by the digital generation when it comes to digital services, such as simplicity and an engaging user experience. So we took the time needed to understand our millennial customers and how and why they engage with mobile apps and digital services the way they do. We then used those insights in designing TMRW for today’s millennials. TMRW pushes simplicity to the limit and engages them in new ways beyond the standard digital banking functionalities.” – Dr Dennis Khoo, Head of Regional Digital Banking, UOB.

TMRW customers will enjoy a different and simple way to bank from the minute they sign up for an account through to their day-to-day banking. Having designed the digital bank app so that it is intuitive and frictionless, TMRW does not have a traditional app menu. Instead, the digital bank will learn from each customer’s usage journey to bring upfront functions and information that are personalised to their needs.

Understanding that the digital generation prefers texting to calling, customers will be able to text TMRW’s virtual chat assistant through the app itself. Taking reference from popular messaging apps, TMRW is the first digital bank in the world to feature a call function within its digital chat service. This enables the Bank to continue the conversation seamlessly with the customer without them having to exit or to toggle away from the app.

In speaking with millennials, UOB found that while they appreciate relevant guidance to help them keep track of and manage their finances better, they respond better to prompts that are fun and do not make them feel guilty. One of TMRW’s most popular features among the 1,500 customers who joined the pilot program in Thailand is a money management game to help customers meet their savings goals in fun-sized, achievable steps. TMRW’s language is also free from banking jargon and is easy to understand.

Bottom Line: Seeking 3-5m users over the next 5 years.