Taishin Bank is building a niche in Taiwan's competitive wealth management sector by seeking to provide the island's business owners with specialized services to manage their wealth.

Samuel Lin, senior vice president, head of wealth management for Taishin Bank, says the strategy is to continue to provide his entrepreneur clients with the financial products and services that can boost their wealth, and also the emerging technologies that will aid them in sales.

Technology is key to maintaining loyalty from the small- and medium-sized enterprises, notes Lin.

Taishin Bank has been using a variety of technologies to make his SME clients in his wealth management department satisfied, including payment technologies and data analytics.

The bank is also using big data analytics to classify its SME clients so it could give them services that they need. Lin says: "We are creating a dedicated one stop service for business owners. Our personal and corporate finance department work closely together and use big data analytics for customer segmentation. After a request from a business owners has been confirmed, a window will pop up to respond and help our clients."

Lin is also utilizing Taishin Bank's ATM network to aid his SME clients in acquiring new clients and boosting their sales. "We are now helping our business owner client segment in allowing them to advertise on our ATM screens across Taiwan."

Taishin Bank's wealth management department also recently launched a location-based marketing service on its mobile banking application to help its business clients with marketing and advertising.

Lin believes that if the clients are provided with solid wealth management services, in addition to technologies that will help them with their marketing and sales, he will come out on top.