EastWest Bank has celebrated the recent awards received at The Digital Banker’s Digital CX Awards 2024.
EastWest Ageas, a leading provider of innovative financial and insurance solutions in the Philippines, has been honored with the award for Outstanding Digital CX Transformation in Insurance. Additionally, Komo by EastWest has won the award for Outstanding Digital CX in Banking App Platform.
EastWest Ageas, formerly known as Troo, began its operations in 2015 and has rapidly ascended the ranks in the insurance industry. The company’s transformation, marked by its rebranding to EastWest Ageas, reflects a strategic partnership between EastWest Bank and Ageas, a leading Belgian insurer with 200 years of global expertise.
Komo by EastWest (Keep Our Money Online!), its digital banking platform, redefines banking with innovative solutions and seamless user experiences. Launched to meet the demand for digital banking, Komo offers services like account management, fund transfers, and bill payments through a user-friendly mobile app. It empowers users with personalized insights and budgeting tools, reflecting EastWest’s commitment to modern, customer-centric banking.
The awards highlight several key achievements.
EastWest Ageas for Outstanding Digital CX Transformation in Insurance:
Enhanced Customer Experience: EastWest Ageas has revolutionized the customer journey by reducing the insurance application process from one hour to just 30 minutes. Policy issuing time has been cut from three days to one day, and customers now have comprehensive online access to policy information, including fund values, policy documents, and payment history. Additionally, self-service transactions for tasks such as updating contact information and enrolling credit cards have been introduced, along with a variety of new payment options.
Improved Frontliner Experience
Financial advisers at EastWest Ageas now enjoy a more streamlined and efficient work experience, from initial customer awareness to claims processing. With all data sources consolidated into a single platform, wait times have significantly decreased, enhancing the overall efficiency and effectiveness of customer interactions.
Cost-Effective Processes
By reducing the core system’s cost by 65%, EastWest Ageas has made introducing new products and services more economical. Automated processes now handle 70% of new business, accelerating the go-to-market time for new products from four months to just two months. Product duplication now takes less than a month, ensuring a rapid response to market demands.
President and CEO Sjoerd Smeets expressed his pride in the team, stating, “These achievements not only enhance the customer experience but also position EastWest Ageas as a forward-thinking leader ready to grasp new business opportunities. This is evident in our ability to provide faster onboarding of new customers, real-time information access, and efficient customer service.”
By showcasing these accomplishments, EastWest Ageas continues to affirm its commitment to its customers, frontliners, and operational excellence, solidifying its position as a market leader in the financial and insurance industry.
Komo for Outstanding Digital CX in Banking App Platform:
Easy and Secure Real Banking Experience
The fully digital account management and customer service interaction experience from the Komo app provides a secure and straightforward banking solution for users who have primarily used fintech apps. This makes opening a secure bank account as easy as opening a basic e-wallet, bridging the gap between traditional banking and fintech convenience.
Inclusive Financial Ecosystem
Komo’s collaboration with financial aggregators, vendors, and organizations ensures an inclusive financial ecosystem for its users. The app offers consolidated services, including bill payments to various billers, purchasing telco load from different telco companies, and sending money to other bank networks using multiple identifiers such as phone numbers, account numbers, or QR codes. This consolidation provides a one-stop solution for a wide range of financial needs.
Empowered Financial Management
Komo’s ‘Analytics and Personal Finance’ feature empowers customers with an intuitive money management tool directly connected to their digital banking app. Users can easily view their expenses and deposits, gaining valuable insights into their financial habits. The inclusion of a ‘Savings Calculator’ allows customers to set and track savings goals, helping them build better financial habits. This feature not only puts customers in control of their financial goals but also contributes to improving their overall financial well-being.
Harold Benjamin Libarnes, FVP and Head of Digital (Komo), shared his enthusiasm during the event. “These awards highlight our dedication to revolutionizing digital banking. At Komo, we strive to deliver an unparalleled customer experience, ensuring our users have access to the most secure, efficient, and user-friendly banking services available. Our commitment to innovation and excellence drives us to continuously enhance our platform, keeping our customers’ needs at the forefront.”
