Far Eastern International Bank_Bankee delivers comprehensive commercial banking services in Taiwanese geography. The bank’s services are inclusive of commercial banking, corporate and structured finance, capital markets, investment and trading, wealth management, and pure internet banking.
The Far Eastern International Bank_Bankee boasts 23 patents and has introduced a new-fangled business model that is the first of its kind in the Taiwanese region. The business model explores the concept of a shared economy. Under this innovation, consumers are allowed to function as bankers and can add other consumers into their banking social networks. This new-fangled concept of a sharing economy is built in the DNA of the Far Eastern International Bank_Bankee to facilitate the deliverance of profits with customers via an open platform.
Generally, banks share the revenue they make within the institution itself. At Far Eastern International Bank_Bankee, the bank shares around 40% of its revenue with the consumers who act as branch managers with individual social networks beneath them. The firm is committed to co-creation and shares favourable economic business models with consumers. The bank serves this business model with both, individuals and fintech startup companies.
The Far Eastern International Bank_Bankee Concept of Bank as a Platform (BaaP)
New-fangled banks employ individuals and firms to fabricate their banking products, run their branches, and spread their consumer base. The Far Eastern International Bank_Bankee provides an open platform, wherein consumers can run their mini branches through the Bankee application. Consumers can also fabricate products and recommend & share the bank’s products with their family or acquaintances through their social network in the Bankee application.
The Concept of Bank as a Platform (BaaP) is a framework for open banking between the members of the Far Eastern International Bank_Bankee. This platform facilitates a connection betwixt consumers and the financial services of the bank, thus birthing a renewed sense of trust and membership between all the participating entities of the bank.
Far Eastern International Bank_Bankee focuses on its operations, user experience, and the safety & protection of its consumers to dedicate an innocuous and expedient banking experience to all.
In the contemporary world, a surfeit of firms is re-establishing their conventional businesses. Global companies like Uber and Airbnb are shifting their respective business models to the concept of a shared economy. Uber delivers relaxed, inexpensive, and propitious carpooling practices for its consumers. Whilst Airbnb permits travellers to effortlessly discover a diverse plethora of accommodations.
In Taiwan, the Far Eastern International Bank_Bankee was the first firm to establish the shared economy concept within their business model. Under the sharing economy, consumers can benefit from approximately 40% of the bank’s revenue and earn reward points to purchase an array of benefits within the Far Eastern International Bank_Bankee application.
Far Eastern International Bank branded its pure internet banking as Bankee after establishing this concept of a shared economy. Under the shared economy concept, consumers can share their Bankee invite code with relatives and friends to construct their circle of friends within the Far Eastern International Bank_Bankee application. This initiative is dubbed the Member-Get-Member-Program.
Earning Reward Points
Consumers of the Far Eastern International Bank_Bankee can fabricate their customized circle of friends into the banking system. The greater the number of individuals in their network, the bigger their social network. Inevitably, the bigger their social network, the bigger the rewards they receive.
The Far Eastern International Bank_Bankee application is etched with an in-application gaming portal, wherein consumers can gain an abundance of rewards. This wing of the Far Eastern International Bank_Bankee application was fabricated to create a unique consumer experience and facilitate increased participation of consumers, within the banking activities of the firm, by generating rewards and benefits.
The purpose of gamification is to run campaigns with local stores and sustain the loyalty of Far Eastern International Bank_Bankee consumers.
Consumers can participate in a geo-location game to go in pursuit of the little Bankee. These little Bankees are spread throughout Japan, South Korea, and Taiwan. Upon capturing said Bankee, consumers can exchange it for reward coins. These reward coins in turn generate benefits to the Far Eastern International Bank_Bankee consumers. The regions of South Korea, Taiwan, and Japan house more than 2,000 little Bankees.
In-application games like the Wheel of Fortune is another medium through which consumers can enjoy reward coin benefits. The wheel is spun and the result of each spin dictates the amount of Bankee reward coins gained by the consumer.
The inclusion of AR technology is another eminent feature of the Far Eastern International Bank_Bankee. A Far Eastern International Bank_Bankee consumer just has to scan his/her Bankee credit card or ATM card through the Bankee app and voila! Consumers are rewarded with more Bankee reward coins.
The aforementioned Bankee reward coins procure an array of benefits to the Far Eastern International Bank_Bankee consumers. The reward coins can be redeemed to deliver shopping discounts and purchase commodities in the Bankee store (within the banking application itself).
The Far Eastern International Bank_Bankee dedicates various rewards to their consumers in efforts to enhance users’ experience and increase customer loyalty.
The Far Eastern International Bank_Bankee not only concentrates on digital financial services but also focuses on the diverse needs of the consumers.
The Far Eastern International Bank_Bankee collaborates with various businesses including start-ups, cross-industry firms, and distributors to fabricate more expedient and groundbreaking financial services.