United Overseas Bank – Digital Transformation Strategies
United Overseas Bank (UOB) has been focusing on using big data, artificial intelligence, cloud, and robotic process automation to digitally transform its operations. The annual ICT spending of UOB was estimated at $475 million for 2021. A major share of this spending is earmarked for acquiring software, ICT services and hardware from vendors. UOB provides a range of financial solutions, including deposit accounts, loans, payment and travel cards, and insurance. It offers trade finance, corporate finance, financial supply chain management, savings bonds, cash management, treasury management, and debt and equity capital market solutions. The UOB Digital Transformation Strategies report will act as a reference point to understand a company/competitor’s digital strategy. It will also help in understanding the digital preparedness of the company against its peers. Information included in these reports are sourced from a mix of our very own internal database and authentic secondary research links such as company’s annual report, presentations, press releases etc. The report covers overview of the company, its digital transformation strategies, technology focus areas, accelerators & innovation programs, technology partnerships, technology introductions, venture arm, investments, and ICT spending among others.
Digital Transformation Strategies
UOB has built an enterprise-wide big data platform to support its business units. The platform enables UOB to capture critical data insights that can help it drive business improvement through artificial intelligence (AI), machine learning, and analytics.
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UOB Technology Theme Focus
UOB is utilizing a number of emerging technologies including big data, artificial intelligence, and cloud among others to enhance its operational and service capabilities.
UOB Technology Theme Focus
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UOB Technology Initiatives
UOB has been involved in several strategic technology partnerships and collaborations, technology developments and roll outs, and technology investments over the last few years. For instance, in 2019, the company launched AI-powered digital financial management tool Mighty Insights to offer its customers a convenient way to manage their finances. The tool – integrated with the UOB Mighty app – leverages data analytics, machine learning, and pattern recognition technologies to track customer savings and expenses and provide them with relevant financial solutions.
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UOB ICT Spend by Function
- Data center
- Communications
- Network
- Applications
- End-user computing
- Management
- ICT Service desk
UOB ICT Spend by Function
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UOB ICT Spend by Channel
- Internal development and maintenance
- Technology vendors (direct)
- Local resellers
- Telcos
- ICT services providers/consulting firms
- Specialist outsourcers
- Systems integrators
UOB ICT Spend by Channel
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UOB External ICT Spend by Segment
- Software (including Cloud SaaS)
- Hardware (including Cloud Iaas)
- ICT services
- Consulting
- Network and communications
- Others
UOB External ICT Spend by Segment
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UOB Digital Transformation Strategies Overview
| Total ICT Spending 2021 | $475 million |
| ICT Spend by Function | Data center, Communications, Network, Application, End-User computing, Management, and Service desk |
| ICT Spend by Channel | Internal development and maintenance, Technology vendors (direct), Local resellers, Telcos, ICT services providers/consulting firms, Specialist outsourcers, and Systems integrators |
| External ICT Spend by Segment | Software (including cloud SaaS), Hardware (including cloud Iaas), ICT services, Consulting, Network and communications, and Others |
| Technology Theme Focus | Big data, artificial intelligence, cloud, cybersecurity and robotic process automation. |
This report provides:
- Insight into UOB’s technology activities.
- Insights of its accelerators & innovation programs, and venture arm.
- Overview of technology initiatives covering partnerships, technology introductions, and investments.
- Insights on each technology initiative including technology theme, objective, and benefits.
- Details of estimated ICT budgets.
Reasons to Buy
- Gain insights into UOB’s technology operations.
- Gain insights into its technology strategies and innovation initiatives.
- Gain insights into its technology themes under focus.
- Gain insights into its various partnerships, and investments.
Key Players
Table of Contents
Frequently Asked Questions
The annual ICT spending of UOB was estimated at $475 million in 2021.
The key ICT spending categories by function for UOB are communications, data center, network, applications, end-user computing, ICT service desk, and management.
The key ICT spending categories by channel for UOB are internal development and maintenance, technology vendors (direct), local resellers, telcos, ICT services providers/consulting firms, specialist outsourcers, and systems integrators.
The key external ICT spending categories by segment for UOB are ICT services, software (including cloud SaaS), hardware (including cloud IaaS), ICT services, network and communications, consulting, and others.
The key technological theme in focus for UOB are big data, artificial intelligence, cloud, cybersecurity and robotic process automation.
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