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CTBC Bank: Blending technology and sustainability in wealth management

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A bank’s technology solutions and commitment to sustainability, both in its operations and in the advice and products it provides to clients, are increasingly a competitive advantage in any banking business. For Taiwan’s CTBC Bank, its investment and commitment to these two areas is paying off and keeping it ahead of the competition, especially in private banking and wealth management.

Despite the social and economic disruption caused by the pandemic and historically low interest rates, CTBC Bank managed to deliver a strong performance in its private banking and wealth management business last year.

Part of the reason for that was CTBC offering exclusive banking services to HNW customers from the beginning of the year, an initiative that the bank beat its local peers to. In addition to this, CTBC also launched new products and services, including innovative technology solutions, all of which supported the bank’s overall strong performance.

For instance, the bank created a new family account designed to help teenagers better manage their finances through an engaging and interactive budget planner. It also provided virtual teller machines in convenience stores to help customers outside of city centres to open online bank accounts.

At the more sophisticated end of their technology offering, CTBC has been developing AI-related digital solutions, including ROBOGO, which is its automated robo-advisory platform. Under ROBOGO, the bank launched two new services last year for goal-based planning and retirement planning.

These services are designed to help customers with their own financial goals, whether that is saving for educational or travel expenses, retirement, or any other goal they need a plan for. As part of this, the bank provides personalised goals-based planning advice together with automated financial advice and portfolio management via the platform.

In addition to these wealth management solutions, CTBC also developed and launched its own virtual video insurance service, enabling its clients to obtain insurance planning advice without having to meet the insurance broker.

Sustainability in focus

Demonstrating leadership in technology innovation has been key factor in CTBC’s success in the past year. No less important has been its commitment and focus on sustainability, an issue of increasing importance to customers and clients.

The bank has shown its commitment to sustainability by becoming a signatory of the Equator Principles and Task Force on Climate-related Financial Disclosure recommendations (proposed by the UN Financial Stability Board). The bank also complies with the UN Principles for Responsible Banking and has established a sustainability office to oversee its performance.

In addition to this, CTBC has increasingly taken practical steps to becoming a more sustainable banking institution, including implementing stronger governance, expanding renewable financing and investing in sustainable infrastructure to minimise its environmental impact.

A recent example of CTBC’s involvement in renewable financing was its role as a lender in the $1.6 billion project financing for the 298MW Zhong Neng offshore wind farm off the coast of Taiwan.