Cathay United prepares to compete with virtual banksBy Kao Shih-ching / Staff reporterCathay United Bank (國泰世華銀行) plans to use artificial intelligence and big data analysis to learn what customers need and maintain their loyalty, as emerging virtual banks are likely to poach existing establishments’ clients with fancy marketing and rewards, Cathay United Bank president Alan Lee (李偉正) said. Photo: Kao Shih-ching, Taipei TimesAmong the 5 million clients who use Cathay United Bank’s credit cards, about 60 percent have applied for its other financial products, such as mortgages, wealth management products or small loans, Lee said. Cathay United Bank does not invest in any of the nation’s three virtual banks. The lender had 680,330 digital savings accounts as of the end of June, the second-highest after Taishin International Bank’s (台新銀行) Richart service, Financial Supervisory Commission data showed. The bank might allow Line Bank’s clients to withdraw cash or conduct other transactions at its automated teller machines, with Line Bank paying the handling fees, he added.

Source: Taipei Times September 27, 2020 15:56 UTC