Vpon: Growing Opportunities in Taiwan's Financial Industry Under COVID-19

HONG KONG,Aug. 19,2021 --Leveraging proprietary Data Management Platform (DMP) and sophisticated data analytics capability,Vpon Big Data Group (Vpon) has released Taiwan's banking and finance industry insight report,unveiling significant findings on the industry development and users' profiles.

Taiwan's banking and finance industry is about to enter a new era,in pace with the "Financial Supervisory Commission (FSC) Taiwan" issued licenses to three virtual banks in 2019. Meanwhile,COVID-19 has increased the need for touchless services,pressuring the incumbent banks to accelerate the digital transformation to increase competitiveness.

Intense Competition between Banking Apps

Presently,Taiwan has 3 virtual banks,15 digital banks and 36 traditional banks are in operation. According to the report,Vpon AppVois indicated more than 70% of users downloaded banking and finance-related Apps,showing a high adoption rate of fintech. Among the top 20th banking Apps list,traditional banking Apps occupy the dominant positions in App market with an outrageous penetration rate. Richart is the only listed digital bank that placed 20th.

In spite of the competitive environment,virtual banks had an impressive performance as the emerging market challengers in 2021. Positioning to be convenient,they provide all the banking services through the internet with no physical outlet. Followed by several attractive promotional campaigns,the penetration of LINE Bank has experienced rapid growth within its first-week establishment while that of Rakuten International Commercial Bank also climbed steadily.

Look Closer into Taiwan Banking Apps' User Profile

Apart from launching diversified services and attractive marketing campaigns,digital banks are also supported by a traditional bank as a parent company,resulting in a higher proportion of young adult users aged 25-34. In addition,Vpon observed adults aged 35-44 tend to use virtual banks as they are mainly engaged in fintech and better at managing wealth,making them more willing to try emerging financial services.

Go Further with Big Data Analysis

Pandemic lighted the fire to fuel the development of the fintech industry,fastening the digitalization of financial services meanwhile bringing up some novel challenges. Anyhow,2021 would be recognized as a remarkable beginning of Taiwan's virtual bank history. In the meantime,traditional banks and digital banks are also pursuing to optimize users' experience.

In the foreseeable future,big data would be the key factor for banks to gain competitive advantages. By leveraging Vpon's big data analysis to understand users' profiles and explore App market penetration trends,banks can implement customized financial services,differentiating themselves from other banks.

For full report:https://lihi1.cc/fC3dM

About Vpon

Vpon Big Data Group ("Vpon") is a leading big data company in Asia focused on big data analytics capability built with cutting-edge technology with the broadest set of mobile data across Asia in delivering effective mobile data-driven marketing solutions. Supported by the accumulation of massive data from 900 million mobile devices,and strategic partnerships with premium media resources across APAC,Vpon provides clients with customized data-centric marketing solutions,including data analytics,branding and cross-border marketing solutions. Headquartered in Taiwan,Vpon was established in 2008 and is currently operating in eight locations in Asia Pacific,including Hong Kong,Shenzhen,Taipei,Singapore,Bangkok,Tokyo,Osaka and Okinawa. If you wish to know more about Vpon,please do not hesitate to check www.vpon.com.