SWOT Analysis
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Aesthetics & Architecture Design
Open space layout and “chill” atmosphere to cater to the wants of the targeted consumer base of students.
Attractive & Unique Product Offering
Ease and seamless sign-up for UOB account with student privileges offered. Sign up perks like 3 years fee wavier and no initial deposit
Top Noch Amenities
Contactless ATM machine, study area, interactive TV with AI recognition software for AI immersive programs and games, claw machine and board games etc
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Low Traffic & Customer Retention
Due to covid, traffic flow around Hangout@UOB namely FC5 has been consistently low, with minimal traffic in & out of the branch, and those that visit only stay for a short while with little or no interaction with the staff or amenities.
Lack Of Attractive Features
Despite having attractive offers by Hangout@UOB, customers can sign up for the account online without visiting the physical branches. This is also true for their unique amenities, where board games or study areas can be found throughout the school and since it is not a unique offering with limited space and privacy at Hangout@UOB, students might prefer another location.
Lack Of Awareness
From our primary and secondary research, a large segment of the students do not know if Hangout@UOB exists in their school and the majority that has it in their institution has not been there even once.
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Increasing Awareness & Outreach
Creating social media account for online engagement and physical events to increase physical and outreach to students
Collaboration With School
Hangout@UOB has been partnering with graduating students to meet their objectives and they can gain valuable and relatable insights and solution from their targeted customers
Large Untapped Market
From our primary and secondary research, the large majority of students do not have a UOB account and many have yet to visit the physical space yet, this means that there are large untapped potential customers for Hangout@UOB. Furthermore, with new students yearly, they can have a new demographic of customers yearly.
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Changing Consumer Trends
From our primary and secondary research, we identified that customers, especially youngsters are switching to digitalization banking products and services and are not very interested in visiting a physical branch
Emerging Competitors
With the increase in adoption of new fintech products such as cryptocurrency and cashless transactions. Many other players are entering the industry such as Grab and Singtel who has been issued digital banking licences. They risk issuing new products that might be more attractive to consumers. Hence, current banks must adapt to stay relevant and competitive