United Overseas Bank Limited – Digital Transformation Strategies
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United Overseas Bank Digital Transformation Strategies Overview
United Overseas Bank is exploring the use of advanced technologies such as blockchain, artificial intelligence, big data, and cloud to increase its operational flexibility and efficiency. AI, big data, cloud, and blockchain are among the key technologies under focus for the company. The annual ICT spending of United Overseas Bank was estimated at $835 million in 2023. A major share of this spending is earmarked for acquiring software, ICT services, and network and communications from vendors.
United Overseas Bank Ltd (UOB) provides a range of financial solutions that include deposit accounts, loans, payment and travel cards, and insurance. The group offers trade finance, corporate finance, financial supply chain management, savings bonds, cash management, treasury management, and debt and equity capital market solutions. UOB provides various other services such as asset management, wealth management, venture management, advisory, private banking, transaction banking, mobile banking, online banking, and internet banking services.
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. The information included in these reports is sourced from a mix of our very own internal database and authentic secondary research links such as the company’s annual report, presentations, press releases, etc. The report covers an overview of the company, its digital transformation strategies, technology focus areas, technology initiatives, technology introductions, partnerships, investments, and ICT spending among others.
Total ICT Spending 2023 | $835 million |
ICT Spend by Function | Network, Data Center, Application, Management, End-User Computing, Communications, and Service Desk |
ICT Spend by Channel | Internal Development and Maintenance, Technology Vendors (Direct), ICT Services Providers/Consulting Firms, Telcos, Local Resellers, Specialist Outsourcers, and Systems integrators |
External ICT Spend by Segment | Software (including Cloud SaaS), ICT Services, Network and communications, Hardware (including Cloud IaaS), Consulting, and Others |
Technology Theme Focus | Artificial Intelligence, Big Data, Blockchain, Cloud, and Payments |
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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. Under its data analytics transformation strategy, UOB employed Cloudera Data Science Workbench and applied analytics and AI technologies to customer and transaction data, thus helping improve business processes and the detection of financial crimes. UOB’s Portfolio Advisory Tools allow bank’s wealth advisors to draw insights from historical markets and provide customers with personalized advice based on data visualization models.
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UOB Technology Theme Focus
UOB is tapping into the power of key disruptive technologies to enhance its operational and service capabilities. AI, big data, cloud, and blockchain are among the key technologies under focus for the company.
UOB’s Technology Theme Focus
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UOB Technology Initiatives
UOB has been involved in several strategic technology partnerships collaborations, and technology rollouts over the past few years. For instance, UOB Thailand and True Digital signed a strategic partnership agreement to leverage AI and analytics technologies to further strengthen the bank’s financial service offerings and enhance efficiencies in the credit card approval process for customers. This partnership provides insight analytics that helps banks understand financial stability and assess the credit risk of credit card applicants. It will also allow the bank to expand the capabilities of its UOB TMRW app through alternative data analytics, providing personal loan services for a new generation of customers who do not have credit history.
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UOB ICT Spend by Function
- Network
- Datacenter
- Application
- Management
- End-user computing
- Communications
- Service desk
UOB’s ICT Spend by Function, 2023(%)
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UOB ICT Spend by Channel
- Internal development and maintenance
- Technology vendors (direct)
- ICT services providers/Consulting firms
- Telcos
- Local resellers
- Specialist outsourcers
- Systems integrators
UOB ICT Spend by Channel, 2023(%)
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UOB External ICT Spend by Segment
- Software (including Cloud SaaS)
- ICT services
- Network and communications
- Hardware (including Cloud Iaas)
- Consulting
- Others
UOB External ICT Spend by Segment, 2023(%)
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Scope
This report provides:
- Insight into UOB’s technology activities.
- Overview of technology initiatives covering product launches, partnerships, 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 product launches, partnerships, and investments.
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Table of Contents
Frequently asked questions
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What was the total ICT spending of UOB in 2023?
The annual ICT spending of UOB was estimated at $835 million in 2023.
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Which function accounted for the highest ICT spending for UOB in 2023?
Network accounted for the highest ICT spending by function for UOB in 2023.
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Which channel accounted for the highest ICT spending for UOB in 2023?
Internal development and maintenance accounted for the highest ICT spending by channel for UOB in 2023.
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Which segment accounted for the highest external ICT spending for UOB in 2023?
Software accounted for the highest external ICT spending by segment for UOB in 2023.
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What are the key technology themes in focus for UOB?
AI, big data, blockchain, cloud, and payments are the key technological themes in focus for UOB.
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