FinTech/Digital Innovation
FinTech and Digital Innovation strategy
Facing the FinTech wave, Taishin has always adopted the customer-oriented approach, and considered the nature of the various types of financial services. Through the development of new technologies, it provides more friendly financial services that can better meet the actual needs of customers. Taishin actively explores the application of FinTech, introducing digital technology and artificial intelligence to improve operational efficiency and customer service satisfaction. In 2024, Taishin's technological innovation application department included AI project planning and technical talents, developed diversified AI application scenarios, as well as built and continuously optimized Taishin brain in an effort to create a more inclusive and sustainable financial environment through technologies such as AI and big data analysis.
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, retail internet banking, retail banking App, Richart App, corporate internet banking, corporate banking App, and branch teller 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
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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.
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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. Since 2022, Taishin Bank has been listed in the year's top 100 patent list by the Intellectual Property Office for the third year consecutively, and came in second among domestic banks for the number of patents granted in 2023, which demonstrates the company's emphasis on patents and technology.
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4.Cross-industry Alliances
In order to develop innovative Fintech applications, Taishin collaborates with EY Advisory Services Inc., E Goldup Data Technology, and other enterprises. For example, at the 2024 Taipei International Financial Expo, it organized [AICG Exploration Video Generation Adventure], [Reliability AI] and [Green Sustainable Database] to invite users to take headshots to generate videos, present character models, and experience the performance of "Taishin Brain" AI. It also explained to users the core meaning of reliability AI, emphasized information security and ethical standards to ensure that AI complies with governance standards, and introduced a sustainability database that uses generative AI summary analysis to generate ESG behaviors of enterprises and provide visual reports to achieve the warning function of abnormal enterprises. 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.
Financial Innovation Service
Digital innovation in multiple scenarios
In response to the AI wave and the rapid advancement of digital technology, Taishin is actively developing innovative digital services and exploring technology application scenarios. By integrating the latest AI technologies, Taishin aims to offer a wide range of financial products and services, providing customers with a smarter, more convenient financial experience, and comprehensively meeting their needs. In light of the growing impact of generative AI, Taishin is launching a variety of AI application initiatives, including the development of an internal knowledge management platform. This platform leverages generative AI to allow employees to ask questions and receive relevant answers, thereby improving operation efficiency. Additionally, Taishin is creating an AI-powered virtual customer service system . This system combines LLM with voice-to-text, text-to-voice, and AI Avatar Generator technology to provide customer service and recommend suitable financial products for customers.
In addition to the application of generative AI, the life financial industry ecosystem has also explored into the health business with Richart Life and Lydia AI's "AI Health Score" service, which uses AI models to calculate multiple health data such as health age, disease prevention, and activity level, and provides exclusive exercise tasks, health product discounts, and insurance product recommendations to assist people in understanding their personal health status.
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 Bank leads the market in applying finance to diverse life scenarios. In May 2024, Taishin Bank collaborated with Dcard, the largest native social platform in Taiwan, to launch the "Richart X Dcard Mastercard Co-Branded Debit Card" for young customers, featuring a limited-edition card design, exclusive benefits, and a better-than-market 3.68% interest rate on savings to attract main young customer groups of the platform and help them learn about daily wealth management. For major customer groups, in April 2024, Taishin Bank cooperated with JKOPay, a leading electronic payment company, to launch the "Exclusive JKOS Loans", allowing JKOS x Richart Account holders to apply for loans with funds disbursed directly into their JKOS x Richart Account for more efficient financial management, so as to continue to cultivate the electric payment scenarios. Additionally, Taishin Bank continues to expand digital platform investment services, collaborating with Taishin Securities in July 2024 to offer U.S. stock sub-brokerage account opening services and a recurring investment feature. By providing ultra-low investment entry thresholds and diverse investment options, the service offers a one-stop solution to meet customers' investment needs across different markets.
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.
In terms of promoting green travel, Taishin Richart Life ecosystem cooperates with the New Taipei Metro in launching the ride code service. It allows 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.
Richart Life provides customers with the most complete points redemption and inquiry services. In order to continue to expand the application scenarios of points and enable customers to easily accumulate points in their daily lives, Richart Life provides five major redemption services, such as instant point discounts, 100% credit card bill discounts, redemption of points for other industries and a rich variety of e-coupons, thereby integrating points into daily life scenarios and creating a financial industry ecosystem. In addition, Richart Life provides customers with a variety of online point redemption sites, such as a wide variety of products and more than 20,000 types of items including APPLE, DYSON, McDonald's, MOS Burger, Wowprime, other well-known food vouchers, household sundries, etc., enabling people to enjoy the convenience of paperless transactions. In 2024, we cooperated with Autopass, which allows points to be used to offset parking fees. We have also integrated smart driving payment into the Richart Life platform. Through license plate recognition in and out of the parking lot, we provide a zero-contact, paperless and convenient parking experience, reduce the consumption of paper invoices and receipts, and promote sustainable development.
With the slow-down of the pandemic and the return of economic activities, the Taiwanese people are placing more emphasis on health and exercise and physical management. To seize the market's business opportunities, Richart Life launched the brand new "Health Care" lifestyle icon providing users with information such as new health knowledge and general health knowledge, and "Apple Sports Task" corner which combines diverse data such as walking and exercise, expanding the establishment of health ecosystem. In 2024, we utilized AI and collaborated with Lydia AI to introduce the "AI Health Score" section, leveraging AI model-driven calculations to recommend insurance, marketplaces, and Apple fitness challenges, providing customers with a new health service experience. In addition, in order to continue to promote the concept of sustainability and green consumption, the "Smart Recycling Machine" was officially launched in May 2023. Those who receive designated coupons at Richart Life and complete the recycling of PET bottles or disposable batteries will receive Taishin Points. The recycled PET bottles will be reused to make other finished plastic products, realizing a green circular economy.
In 2024, we collaborated with Bueno Optics for the "Green Spending with Taishin" credit card marketing campaign, encouraging customers to purchase sustainable products through exclusive Taishin card re[1]wards, fostering the ESG financial ecosystem.
