Built to last
The transformation was completed behind the scenes. With the use of the latest cloud platforms, the CPFB digital shopfront was able to handle more than 5 times the normal daily user activity just after January 1, 2022, when new yearly statements of account (YSOA) became available. More than 700,000 members viewed their YSOAs in the first week of the year, with the system handling more than 47,000 page views per hour at peak periods. This was especially noteworthy since the old system was only able to handle 22,500 page views per hour. The new system proved to be stable and resilient, achieving 35% greater member-engagement efficiency as we received 540,000 unique page views from 1 to 5 January 2022 compared to 400,000 over the same period in 2021.
Along with the mainframe transformation, the team rolled out the new mobile and web experience by connecting members with customised content and tools based on their age and financial profile. This makes it easier for members to take advantage of new tools. Around 90 CPFB’s staff, both IT staff and business users, have gone through various trainings and upskilling to build a more personalised website.
What’s more, CPFB streamlined what was more than 1,000 content pages into 320 pages to make the website more user-friendly. By simplifying the content, avoiding jargons, and presenting information thematically to mirror a typical CPF member’s life journey, members now enjoy a more personalised experience that is easy to navigate and understand. As a result, CPFB obtained a consistently high rating of ~90% in user satisfaction after the transformation.
For example, members can see their up-to-date contributions in a single, user-friendly dashboard—how much they have saved, how much more they can grow the account over time, and more. Whether they are already retired or still early in their career, any member can use this information and plan for their future effectively. There is even an enhanced calculator that allows for more personalisation. Members looking to purchase a home can use the calculator to determine how much CPF funds can be used to pay for the loan, while older members can make calculations specific to their savings goals. Members will also see targeted content. For example, a younger member might see home-buying tips, while a retiree might receive targeted information about how to access the retirement fund.
Last but not least, the team also designed the digital experiences with mobile devices in mind, considering that Singapore has one of the highest smartphone penetration rates in the world. Today, nearly 90% of Singapore’s population has mobile access to the internet, and this is set to continue to rise in the coming years. A mobile-first approach allows designers to deliver a seamless experience to members.
It is noteworthy that the new digital platform is launched within 12 months, through the close cross-teams collaboration and leveraging agile processes and practices. The new digital platform can now adapt to changes faster. Building and launching new products and services is also easier. Along with the steady stream of improvements, the CPFB digital shopfront will continue to delight members by anticipating and meeting their needs at different life stages.