FFHC supports the United Nations Sustainable Development Goal SDG 8.2 for "achieve higher levels of economic productivity through diversification, technological upgrading and innovation" and SDG 8.10 "strengthen the capacity of domestic financial institutions to encourage and to expand access to banking, insurance and financial services for all". We are committed to providing diverse digital finance services through application innovation technologies and providing online banking and mobile banking app FinTech services to least developed countries. FFHC also integrated various online businesses, smart customer services, and open API connections with big data, cross-industry alliances, and differentiated services to optimize the user interface and functions and provide customers with a more diverse and smooth digital finance experience with the aim of becoming customers' top choice and a leading brand in the market.
Optimize Digital Channel Platforms and User Experiences
First Financial Holding has been dedicated to the digital native market through a variety of channels, especially the core values of "simple, fast, innovative, and most knowledgeable of customers" promoted by the digital account sub brand iLEO. Since launch, iLEO has generated more than 1.56 million users, and recorded an increase of 35.6% in new accounts in 2023, making it the 5th largest digital account on the domestic market. The iLEO app was downloaded 1.1 million times for a YOY growth rate of 46.1%. In order to continue to heed our customers' voice, First Commercial Bank introduced Net Promoter Score - a real-time questionnaire mechanism - to the iLEO app in September 2022. The Bank also tries to stay on top of customers' needs instantaneously, and continues to strive for swift iterative optimization of each product and service through various feedback channels, such as face-to-face interviews with users and comments left at the app store.
Smart Applications and FinTech Innovation
Smart Customer Services
In response to the digital transformation of traditional finance, First Commercial Bank launched smart robot "Little E" to the customer service center. AI technologies such as natural language analysis and machine learning were applied to create a virtual teller capable of comprehensive services, allowing customers to utilize the internet and their mobile device to submit professional inquiries online, by text or voice 24-hours a day, and immediately receive responses through the simple interface and life-like interactions. A cumulative total of 1,115,589 people utilized "smart customer service" by the end of 2023 and received an accurate response rate of 98%. Furthermore, as part of our effort to echo the drive for bilingual financial services, the Bank has also added an English version to its smart customer services, which meet foreign nationals' need for digital banking services.
Smart wealth management
In response to the high demand for retirement planning in Taiwan's aging society, First Bank launched the "e-First smart wealth management" service in October 2020. It is the first such service that makes use of algorithms of the international investment research institute Morning Star. With the knowledge of more than 300 experts, the service offers a "human-machine collaboration" model to assist investors in allocating assets and selecting suitable investment targets. The service is distinct from other robo wealth management advisory services on the market because it caters to the investment requirements of customers with limited capital, office workers, and the general public. It also features the unique "elderly monthly pension plan" to provide customers with fixed monthly cash income upon retirement to make up for the deficiencies in personal savings and investments in the three major pillars of pension (social security, occupational pension, and personal savings and investments), and increase the income replacement ratio. We have accumulated nearly 35,000 investors by the end of 2023. The investment balance is nearly NT$1.358 billion
Implementation of blockchain technology in supply chain financing
First Commercial Bank partnered with Test-Rite International to apply the temper-resistant properties of blockchain technology to transmit transaction data such as invoices and payment of Test-Rite International's supply chain financing via blockchain from the enterprise ERP system directly to First Commercial Bank's supply chain financing platform. In addition to reducing human error, saving on operation costs, and strengthening internal controls of data, it accelerated the transmission of transaction data, increased the efficiency of funds dispatch, and shortened the time required for suppliers to obtain financing.
Smart (GIS) dispatch system and customer data collection and management platform
In the continuance of digital development, First Commercial Bank introduced the application of geological information system (GIS) technology in the field of enterprise lending and launched the "Smart (GIS) Dispatch" and "Customer Data Collection and Management Platform" which combined a patented big data analytics model and internal/external data to visualize customer location and business information on mobile devices. The incorporation of patented big-data analytics models, including optimal visit routes, marketing resource allocation, enterprise care assistance, and new customer development assistance, in addition to solving existing operational pain points, has increased the ability and success rate of frontline sales personnel to independently explore and obtain nearby enterprise customers. By the end of 2023, 13,000 marketing lists were generated using big data modeling, with a total of 545 pocket lists created and 8,070 corporate customers registered. The system earned the Company the "Asia's Leader in Sustainable Finance" award from the International Data Corporation (IDC) at the Financial Insights Innovation Awards (FIIA) and the "Taiwan's Best Bank for SMEs of the Year Award" at the ABF Retail Banking Awards 2023.
Building an Environment for Digital and Innovative Finance
Artificial intelligence applications
・First Bank promoted the "e-speed loan" which provides online calculation of loan limits and application services. It also used AI appraisal models for customers to immediately calculate mortgage limits and interest rate by entering the address of the real estate in the mortgage and basic personal information online. In addition, in order to enhance the efficiency of microfinance loan approval, the "single loan application access" has been established, actively inviting payroll transfer clients of the bank to apply for credit loans; also, the automatic review mechanism has been introduced to reduce manual work processes. In 2023, a total of 42,467 credit loan and mortgage limit calculations were conducted through digital channel and 39,588 applications were filed.
・To cooperate with government policies for supporting the development of small and micro enterprises, First Bank actively promoted "Micro Enterprise e-Services" and used smart AI models to provide small and medium enterprises with online loan limit calculation services. First Bank processed a total of 5,981 loan applications on "Micro Enterprise e-Services" in 2023.
Robotic Process Automation, RPA
During the credit review process, RPA is used to assist in collecting regular and highly repetitive customer data for analysis or review. By the end of 2023, 180 RPA operation procedures have been officially launched, reducing a total of 1.044 million hours of operating manpower, equivalent to the workload of 521.98 full-time employees.
Mobile and online insurance
Provide consumers with multiple channels to purchase insurance products. Customers can purchase First Life Insurance's "interest sensitive annuity insurance" and "Compulsory Automobile Liability Insurance" through the mobile device of the First Bank financial consultant or by themselves through the First Bank digital channel.
One-stop opening of accounts
First Securities and First Commercial Bank collaborated to allow new customers to simultaneously open securities and digital banking accounts online while also completing setup of the securities delivery account. In 2023, a total of 1,132 accounts were opened
First Securities' ESG Smart Sustainability Index Data Platform
The platform provides ESG grading information to investors with the help of AI algorithms, including inquiries about individual stocks, compiled data for select sectors, ESG sub-categories, and account inventory. ETF can also be linked to constituent stocks for inquiries about the grades of individual stocks. Inquiries about such information can be made by accessing the two transaction platforms of "FCB e-Winner" and "First Gold Securities-Mobile Winner". It can also be directly linked to the area for placing an order, where the user can access the transaction page to inquire about the real-time quotes of individual stocks and place an order to buy or sell stocks.
First Bank's leading position in corporate banking as well as comprehensive overseas network have been used to set up the First Bank International e-Banking (including "Financing e-Bank App - Overseas Branch Internet Banking" and " Financing e-Bank App - Global e-Banking Service"), international business cash flow (e.g. Supply chain financing, sales chain financing), international consumer cash flow (e.g. international third-party payment) and international clearing system.
Digital Financial Services Provided by the Phnom Penh Branch
In addition to providing traditional brick-and-mortar financial services to the local population, the Phnom Penh Branch also provides online banking and apps for mobile banking services, including functions such as "money transfer/remittance to non-designated accounts and eSecure push notification service", uploading the remittance slips of large sums of money via mobile banking apps, and interbank fund transfer. The Branch joined the local Bakong blockchain system in 2023. which improves receipt and payment efficiency as well as security for customers while facilitating inclusive finance.
Mobile Payment:
First Bank has fully introduced the shared QR Code service of "Taiwan Pay." Its "First e-Mobility" , "iLEO Taiwan Pay ",or "Taiwan Pay t wallet +" facilitate mobile payment, shopping, payment/ tax payment, fund transfer, and withdrawal through scanning QR codes and combine cloud invoices, thereby infinitely extending the convenience of smart life.
Credit Card Mobile Payments:
To provide credit card customers with convenient payment tools, First Bank credit cards can be used in Taiwan Pay, Google Pay, and Apple Pay so that customers can choose their preferred payment method on their mobile devices. The Bank also organized several marketing activities to teach customers how to use mobile payment tools and reduce the use of cash and increase the mobile payment transaction volume in Taiwan. As of the end of 2023, 1,062,151 First Bank credit cards have been bound to mobile payment.
Payment Facilitated by Pre-arranged Deposit Account Link:
To expand mobile payment applications of deposit accounts, First Bank continues to work with 10 electronic payment operators such as "JKOS (JKOPAY)", "iPass (iPass MONEY)", "EasyCard (Easy Wallet)", “PX Mart (PXPay)”. First Bank ranked first among partner banks in the "Payment Facilitated by Pre-arranged Deposit Account Link" by satisfying customers' demands for day-to-day payments. First Bank implemented the "integrated account binding for digital account opening" in collaboration with iPASS and launched the " iPass MONEY " direct connection to digital account opening service, becoming the first government-owned bank to launch the service. The system automatically connects the account after it is opened to optimize the mobile payment experience. Also, collaboration with iPASS is currently underway for "reverse linking', which allows customers to utilize their iLEO app to link their account with "iPASS MONEY", thereby accelerating the linking process and expanding the content of mobile banking services.
Accessible Digital Banking Services for Persons with Disabilities
In order to provide basic, equal, reasonable, and convenient financial services to persons with disabilities, First Commercial Bank, First Securities, and First Life established a financial accessibility service section on the digital platform to improve the digital finance gap for customers with disabilities. Moreover, First Securities Investment Trust expects to set up a Friendly Financial Services Section in 2024.
・Provide 7x24 uninterrupted accessible network and mobile banking services such as transfers, account balance inquiry, interest/currency exchange rate inquiry, and other simple internet banking functionality
・Announcement to all business units to provide accessible services, measures, and facilities
・Account holders with a disability ID may utilize mail, teller visits or accessible financial services online to apply for processing fee discounts for cross-bank ATM withdrawals at any business unit.
・Received AA rating for accessibility
・Provide 24-hour uninterrupted search for online markets, opening accounts online, placing online orders, securities trading app, and other accessible investment services
・The interface allows adjustment of text size, graphical instructions, and discloses a dedicated phone number for detailed explanatory services
・Telephone voice price quotes and transaction services can be used via the internet, allowing persons with hearing and mobility impairments to participate in investment transactions. A voice-assisted guided reading service was added in 2023, offering text-to-speech service.
・Received AA rating for accessibility
・Provide information on micro insurance products, accessible services and measures, and company introduction
・The official website's "A+ Life" section analyzes customer's policy needs and offers insurance planning services
・Platforms such as "First Life Insurance Online Insurance" and FundRich's "Protection Type Insurance Product Platform" offer accessible channels for obtaining insurance
・Received AA rating for accessibility
First Commercial Bank continues to improve the convenience of using ATMs for persons with disabilities and foreign customers. As of the end of 2023, a total of 542 ATMs across Taiwan offer wheelchair access and of these, 522 ATMs offer environments (such as slopes) that can meet the needs of persons with disabilities. Additionally, 139 ATMs offer voice services for those with visual impairments by simply plugging into the earphone outlet to enter voice accessible mode. All operation locations are equipped with braille, allowing clear identification by touch supplemented with voice guidance so that visually impaired individuals can perform operations by following each step and complete ATM transactions or inquiries independently. Multi-lingual service was deployed on existing ATMs in 2023, offering new interfaces in Japanese, Vietnamese, Indonesian and Thai to improve the inclusiveness of financial services.
Cross-Industry Alliance and Open API Connection
The continued use of strategic alliances to embed the Group's financial services in food, fashion, accommodations, travel, education, and entertainment by forming cross-industry partnerships to provide applications more accessible to consumers. Utilize the dual model of banking-as-a-service (BaaS) and banking-as-a-platform (BaaP) to satisfy the daily needs of customers, expand digital channels, and practice customer management to build cross-industry alliance ecosystems that synergize.
Case：
Currently, the iLEO app's life bookmark has been redesigned and upgraded to include three main pages: "Bonus Points", "Discounts" and "Interactivity". In particular, "First Good Life" has been added to the "Discounts" page. Integrated one-stop scenario service spanning various industries and product categories is offered on this portal website, providing four scenarios including green consumption, charity, travel and apartment rental. The move is intended to strive for and promote ESG, environmental sustainability and social well-being, provide necessary information relating to post-pandemic international and domestic travel, and cater to apartment rental information that budget-minded individuals care about. Working together with scenario partners ezfly and DDROOM, the service has integrated cross-industry products, services and digital financial services. As of the end of 2023, "First Good Life" had logged more than 40,000 visits, which translate into more than 20,000 specific visitors. Going forward, optimization will continue so that customers can easily access integrated scenario-based financial information via the iLEO app at one go, which would reduce the time/cost needed for customers to search for information.
Social Media
First Financial Group views social media as an important bridge of communications with customers and a means to develop new channels, services, and customers.
