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This Singapore bank is encouraging millennials to save more through gaming

The more the user saves, the faster the user levels up.
This Singapore bank is encouraging millennials to save more through gaming

Singapore's United Overseas Bank (UOB) is certainly revolutionizing the banking industry because it is set to release a mobile app specifically for millennials who want to save their money.

Now, what's special about this app is that users will no longer be saving money the old conventional way.

Through UOB's TMRW app, the more money users save, the faster they level up in the mobile-only digital bank app.

As users level up, they would unlock various options to build and enhance their virtual city. Pretty neat way to get folks to start saving.

UOB's head of group retail digital Dennis Khoo showcases the TMRW app. IMAGE: Singapore Business Review

UOB's head of group retail digital, Dennis Khoo said the app was created based on the understanding that millennials are doing things way differently compared to the previous generations.

“We know the Millennials are going to be different, they are going to work differently, play differently, and we know that they are going to bank differently,"

"Being able to launch a bank that understand their needs, evolve with them is going to be very important for any retail bank," Dennis explains.

He adds that within 10 to 15 years, the millennial generation will be the core group of customers. So having an understanding on what appeals to them is key.

“While ASEAN is known for its diversity, there remains a set of fundamental expectations by the digital generation when it comes to digital services, such as simplicity and engaging user experience.

"So we took the time needed to understand our Millennial customers and how and why the engage wih apps and digital services the way they do,” Dennis adds.

The TMRW app is the first mobile banking app of its kind. IMAGE: Manager Online

The app is set to be launched in Thailand before it will be rolled out in Indonesia, Singapore, Malaysia, and Vietnam by the end of the year. In fact, some 1,500 people have already been beta testing the app and their response has been positive, according to UOB.

While the app in itself makes saving money fun and interactive, TMRW comes with insights which tracks the expenditure of the user. It would even alert users if expenses exceed the required limit.

Featuring a chatbot and a call function, the app has also been designed to be as user friendly as possible.

“Having a mobile-only digital bank enables us to explore new frontiers when it comes to designing a user interface based on customers’ banking behaviour and needs, and to be sensitive to the nuances of each market.

"What this means is that TMRW will not be a static one-size-fits-all app, but a digital bank that will continue to learn to create increasingly simple, transparent and engaging experiences for TMRW customers in each of our ASEAN countries," Dennis explains.

Would this app be available for millennials only? The good news is, no. It will be available for anyone regardless of their age.