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With advances in technology, Brett King, the expert of global banking innovation proposed "Bank is no longer a place to go, but something you do." The future of the bank will be service-oriented, the interaction between Bank and customer will be changed slowly, banking services should also be provided along with innovation in order to create unique value. Believe in bank will be beyond imagination in the future while people will no longer rely on bank counter service & real ATM but turning to extensive use of online banking, mobile payment. Financial Supervision and Administration Commission is promoting "the digital financial 3.0" aggressively and expected Taiwan's financial industry can be more international, network, Mobilize and Digitized, The Banks will be able to reach more customers through internet which they can’t be reached before.
In the past, most of Taiwan Bank’s main profit is contributed by Net interest income, recently, the deposit and loan interest rate income is reduced gradually, Banks shift to a commission income thus the wealth management business has become a battleground by each banks. In recent years, the Bank wealth management business has created "profit & revenue" with double growth by using Innovative services and multi-commodity activities. Under the financial holding company's structure, it can be extended the range of financial services scope and providing customers with a variety of financial products and services in order to fulfill customer’s one-stop-shopping (one stop shopping) for all finance proposals. As a resulted, financial institution is able to do cross-industry management, cross-selling and making product and service with more diversified, and accelerate the development of the domestic wealth management market growth. Faced with the challenges of digital finance 3.0, the bank that is licensed or high threshold protected need to be looking into digitized surge and focusing on multi-commodity & channel and good customer service in order to ensure a competitive advantage of Bank 3.0. This will be the key to future success.
This case study by using individual Bank as an example to analyze individual banks facing the surge of digital financial trends, what is their wealth management business strategies and its internal and external environment competition. To investigate future opportunities and challenges that may face during the era of the digital financial.
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