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One of Taiwan’s 15 leading finance companies, Shin Kong Financial Holding is now starting to turn heads thanks to its ambitious FinTech endeavors. Over a century old, the family-owned firm is actively seeking to grow its business by incorporating digital services.
As part of this strategy, Shin Kong seeks new partners for cooperation. Participating at the annual AppWorks Demo Day provided an opportunity to scout FinTech startups and show off Shin Kong’s own vision for the future.
Additionally, the company carries its customer-centered approach into the digital industry. With a new website and convenient services in the pipeline, Shin Kong is set to stir up the industry.
Committed to revamping the family firm as it enters its third generation,
Shin Kong’s VP of financial holding Olivia Wu proclaims that "we welcome new groups to come and join us.”
Partly, this involves growing the firm’s international business. At the beginning of 2017, Wu supervised Shin Kong’s partnership with Southeast Asia’s largest cashback reward program, allowing customers to immediately access rebates at their local ATM.
While not exclusive, the collaboration nonetheless represented a major step into the digital economy for a company with such a long tradition.
Shin Kong traces its history back to 1918 and has deservedly earned a reputation for its conservative yet reliable business practices.
Despite its long history, Shin Kong was slowly being overtaken by competitors in recent times. The decision to dedicate itself to FinTech is the most logical way forward to pursue growth through innovation.
Startups figure prominently in Shin Kong’s quest for innovation. According to Wu, “participating in the AppWorks Demo Day gave us the opportunity to contact new potential partners.”
For instance, Shopback, which offers some of the most innovative services in the FinTech sector, has already signed a memorandum of
cooperation with Shin Kong.
"In the future, we hope that new teams can come directly to us. After all, Demo Day is just a platform and there’s no definite way for pursuing cooperation," says Wu.
Wu herself actively uses new digital services in daily life. For instance, Honestbee allows her to buy groceries, while Uber is her first choice for transportation when traveling abroad.
Beyond the recent string of public activities, Shin Kong is also actively seeking changes within the company. For Wu, courage and commitment are crucial elements when pursuing new ventures.
The example of her own father reminds Wu of these virtues. His endeavor to create Taiwan Shin Kong Security was bitterly opposed by her grandfather, yet in the end the venture turned out to be a great success.
Wu hopes to replicate this spirit in her push for the company’s entry into the digital economy. At the same time, she is determined to remain true to Shin Kong‘s strongest asset, namely its dedication to the customers.
While some banks have come forward with apps or other gimmicks to promote digital banking, Shin Kong focuses most of its efforts in the area of user experience.
As part of this effort, the company has revamped its internet representation, unifying operations such as banking, life insurance, and securities trading under a shared platform.
The new website will also allow Shin Kong to respond better to changing consumer behavior and attract customers of all ages.
What’s more, rather than overspending on marketing, the company concentrates on garnering customer feedback and improving its services.
For example, for elderly customers, who often have a hard time to adjust to new technologies, a special digital experience area was created.
For Shin Kong, then, FinTech is not just a catchy term, but a means of reaching a bigger audience for what it is known best for, namely convenient and customer-centered reliable financial services.
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