FinTech/ Digital Innovation
Promoting FinTech
In this era of FinTech, Taishin remains founded on the core values of Bank 4.0 and remains focused on customer needs. Bearing in mind the nature of various types of financial services, we develop innovative services and optimize processes through new technologies to provide more considerate services attuned to customers’ actual needs. We integrate convenient customer service experiences into daily life through immediate and responsive financial services enabled by FinTech.
Taishin promotes the integration of finance and technology in the following five aspects
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1.Customer Experience
Customer experience is the first priority of FinTech applications, with customer needs as the development core. Hence, Taishin accelerates the development of digital scenarios and strives to support various aspects of financial services. Take banking business as example,
Taishin adheres to the agile principles, and continues to optimize its more than ten types of channels, including official website, pure banking channel, banking App, Richart App, wholesale banking website,wholesale banking App, and physical counter channel, wealth management channel, customer service center, ATM and Richart Life channel, etc. In addition, the API platform and Richart Life are also developed to connect with external third
parties to form a more diverse financial ecosystem. -
2.Operational Synergy
In response to the continually expanding financial services, and to achieve proper allocation of resources, Taishin modernized the information framework, dividing the various financial businesses into front, middle and back office, in line with the corporate framework of the information architecture. In particular, the middle platform is based on the principle of modularization of application logic programs to facilitate the support of the various channels
in the front office, thereby continuously promoting technological transformation and
business innovation. The establishment can be used across the technological and business models of the subsidiaries of Taishin Financial Holdings. -
3.Technological Development
Taishin values technological and business models of innovative research and development, and continues to cultivate employees in the practical ability of researching and developing and getting patents. By examining the categories such as technological innovation, unique or optimized operating procedures, innovative financial products, research and development results, it looks for technologies that can gain financial patents. Taishin has a stable growth of approved financial patents. In 2022, Taishin Bank was listed in the year’s top 100 patent list by the Intellectual Property Office for the first time, and came in fifth
among domestic banks. -
4.Cross-industry Alliances
Taishin has partnered with many institutions to develop technical applications for innovative fintech, such as participating in innovative brainstorming sessions and digital sandbox projects at FinTechSpace, as well as contributing to industry innovation and regulatory consultations. Taishin completed the ESG Green Fintech Joint Demonstration Project at FinTechSpace’s Innovation Lab in 2022, at which we presented the basic indicators for green finance in order to help SMEs in their sustainable development from the perspective of finance. Taishin also collaborated with Smart Capital, an angel investors’ club, on Taishin’s internal training courses in order to help employees implement ESG and understand the latest developmental trends in fintech. In the future, Taishin will actively establish a digital finance ecosystem and foster technological talent in response to new trends, and will realize corporate sustainability through more proactive and steady methods.
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5.Digital Capabilities
Taishin continues to cultivate its digital financial capabilities. Besides improving the technical expertise of our current employees through education and training, Taishin also actively recruits digital technology talents from outside the bank in order to rapidly upgrade its overall digital capabilities. By staying at the forefront of developments in financial technology, Taishin intends to build a top-notch digital financial ecological environment in the future and cultivate technological talents to serve the needs of the new generation and achieve sustainable business operations by being both active and stable.
Digital Innovation
Digital Innovation in Multiple Scenarios
Our research and development and launch of innovative products cover mobile banking, new payments, wealth management, credit cards, loans, and wholesale financing. We have also successfully launched the Richart Digital Bank as a first in the industry. Taishin Bank has an outstanding performance in the field of digital financial innovation. In 2019, we won first prize at the second "Best FinTech Service Bank Awards"organized by Global Views Monthly. In five out of eight assessment items, we scored number one. The Richart Digital Bank won nearly 20 domestic and foreign awards in 2019, after winning first prize in the Most Popular Brands category of the prestigious National Brand Yushan Awards in 2017. With regard to digital products, our new payment service "pay+" solves the issue of cash flow in member management and integration of electronic payment services for retail stores. This service was awarded the "Operating Model Master in Taiwan" by International Data Information (IDC). Furthermore, Taishin is committed to creating a friendlier financial environment. Our "Facial Recognition Application Service" not only won the Critics' Choice Award at the Innovative Business Awards of Business Next Magazine, but also was crowned regional champion at the 2019 Gartner Eye on Innovation Awards for Financial Services in Asia Pacific.
Richart Digital Bank
Taishin Bank launched the digital brand Richart in 2016 to target the digital generation and young people and provide brand-new integrated services. As of now, it has received 80 local and overseas awards. From the UIUX(i.e.,user interface and user experience)to social issues such as stray animals and open banking, Richart has expanded financial services beyond traditional realms and bravely broke away from traditions to be the bank least resembling a bank.
Richart digital banking leads the market by applying finance on diverse lifestyle scenarios. In July 2022, it even targets young people who are new to the stock market by launching the “Securities Settlement Account” function and cooperating with Jiekou Payment and PlusPay cross-domain scenarios to launch loan services targeting customers with funding needs, creating more flexible fund applications. In December 2022, Richart also became Taiwan’s first digital bank to launch online digital banking account opening service for foreigners, and integrates New Taiwan Dollars and foreign currencies account opening, transfer function and debit card, and provides exclusive English online banking to build a friendly digital financial services for foreigners. It has also won the Global Finance World's Best Digital Bank Awards for three consecutive years.
Through online word-of-mouth monitoring and third party market survey,Richart receives positive review by young users, mainly because Richart focuses on 100% customer experience and 100% online operation, integrating 7 major products including “saving, payment, investment, wealth management, loan, insurance, foreign currency”, which helps young people to cross the financial threshold easily, and actively opens up the Bank’s connected technologies, allowing customers to use financial services such as wealth management, transfer, payment, loan, etc. easily and conveniently in different lifestyle scenarios. Richart also uses creative marketing and bilateral communication models on social media platforms (Facebook fanpage, LINE official account, and Instagram official accounts) to increase young people's preferences and understanding for financial services and become a part of young people's lives.
Richart Life, a leading brand of lifestyle finance
Taishin Bank’s “Richart Life” APP launched in August 2020 is a key service in linking and operating the lifestyle finance ecosystem. Together with strategic partners, it establishes a brand new platform that integrates payment, points, lifestyle discounts and financial services. Richart Life began by serving the nearly 7.5 customers of Taishin, leading customers to the strategic partner scenarios for consumption by gathering the various types of lifestyle discounts. The aim is to bring all strategic partners together at Richart Life, to serve customers together with Taishin Bank. Through experimenting with the membership system, it breaks the limitation of users having to possess Taishin Bank’s products, enabling the services to reach out to all people of Taiwan, achieving a three-win situation.
In addition to jointly managing Richart Life users by integrating with strategic partners’ discounts, it also continues to increase user stickiness by optimizing users’ digital finance experience such as fast activation of cards, one-click card binding, etc. When it comes to expanding strategic partners, the feature of "traffic" is to cultivate user stickiness and it has become one of the deep fields of our Bank. In terms of promoting green travel, Taishin Richart Life ecosystem cooperates with New Taipei City Danhai LRT in June 2022 in launching the ride code service, allowing the public to scan the code and make payment through Richart Life APP when taking Danhai LRT, leading the industry in becoming the first bank to provide QR Code mobile payment for public LRT transport system.
