2022 Winner – Taishin International Bank Mobile wallet enables payment & loyalty point interoperability – Retail Banker International Asia Trailblazer Awards

 

 

 Taishin won the Best Mobile Wallet Initiative at the RBI APAC Awards 2022 for its Taishin Pay app that offers cashless payment at more than 70,000 stores across Taiwan and much more. It is interoperable with lifestyle apps, including Richart from Taishin that provides loan and other financial management options, and multiple other external ecosystems.

The wallet also links to internal bank tools to ensure its place at the center of consumers lives. For example, a link to the bank’s expanded loyalty rewards program, which co-operates with retailers and utilities among others, so they can run promotions and ads on the platform, illustrates how it works.

This latter functionality won the Best Advance in Loyalty/Rewards Program for the accompanying cross-industry point exchange redemption engine that the bank built.

A Taishin Point, equivalent to NT$1 (US$0.03), can be redeemed on the new cross-industry redemption platform, which has 50 major participating merchants on it from different industries and 30,000 physical loyalty locations across Taiwan, alongside online compatibility.

Crucially, the bank built a specific application programming interface (API) to integrate information systems and accommodate easy data exchange, so that business partners’ loyalty points can be converted into Taishin points and vice versa.

This effectively creates a ‘currency’ that all participants recognize and honor as redeemable at access points in the form of coupons, gift cards, merchandise, flights, services, entertainment and so on.

The single point of access for the program was important for its success. A conversion mechanism is vital in order to achieve the interoperability and merging of different schemes together to build a wider, bigger and more universal loyalty/rewards management platform that can achieve mass uptake in Taiwan. Taishin’s own customers can earn points from their everyday banking activities, as per the below:

The benefits of the program are enhanced customer loyalty and ‘stickiness’ as they experience the ease of managing their loyalty points from a single place.

Co-branding and the sharing of advertising exposures also help to share the cost of such activities with partners and increase cross-selling and acquisition possibilities, especially as the number of partners increases in future years.

 

Mobile wallet

The Taishin Pay mobile wallet accommodates the Taishin Points rewards program, but much else besides For example, the merchant-focused Taishin Omni-Payment Platform (TOPP) is accessible and helps merchants collect money in a simple digital fashion, particularly contactless transactions which have been rising anyway due to Covid-19 inspired fears about touching cash.

A later Taishin Pay+ iteration unveiled recently has also allowed users to link a payment to a card or bank account, allowing on the spot financial management.

Electronic invoicing for merchants has also formed a fully digital efficient circle. The lifestyle aspects of the wallet, already strong thanks to the Richart loan and financial management link, have been enhanced still further with bill payment options and more bus/metro contactless links, among other additions.

The wallet ecosystem includes 70,000 collaborating merchants so far and transaction volumes on Taishin Pay were up by a factor of four last year in comparison to 2020, no doubt helped by the rise in contactless transactions during the pandemic. The number of Taishin Pay members was 32% higher.

Before the upgrade, payment relevant functions such as point saving / conversion, merchant memberships, electronic invoicing, and so on were separate and scattered activities.

Now, thanks to the bank’s efforts everything is integrated. A comprehensive lifestyle-orientated user experience (UX) has been achieved and new services, partners and customizations can more easily be added in the future as well. The benefits of enhanced customer satisfaction, acquisition, ‘stickiness’ and volume usage can all be expected to accrue in the following years.

Taishin International Bank was also HC: Highly Commended at the Retail Banker International (RBI): Asia-Pacific (APAC) Trailblazer Awards 2022 in the following categories: Best Open Banking Initiative; Best Use of Big Data in Customer Strategy; Excellence in Loan Origination Process (winning project is Richart); and the Excellence in Leadership Development category.