EastWest Bank is pleased to share the latest Digital CX Awards 2024 accolades from The Digital Banker. Leading provider of creative financial and insurance solutions in the Philippines, EastWest Ageas has received the Outstanding Digital CX Transformation in Insurance award. Komo by EastWest also took first place for Outstanding Digital CX in Banking App Platform.
Originally called Troo, EastWest Ageas started business in 2015 and has quickly climbed the insurance ranks. Rebranding EastWest Ageas highlights a strategic cooperation between EastWest Bank and Ageas, a top Belgian insurance with 200 years of worldwide experience.
With creative ideas and flawless user experiences, Komo by EastWest (Keep Our Money Online!), redefines banking. Originally launched to satisfy demand for digital banking, Komo uses a simple mobile app to provide account management, financial transfers, and bill payments. Reflecting EastWest’s dedication to modern, customer-centric banking, it gives consumers individual insights and budgeting tools.
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.”
