Best Retail Bank in Singapore: OCBC puts customers at the heart of business

Over the past couple of years, the banking experience has been redefined by the rapid advancement of digital innovations. Similarly, OCBC Bank continues to evolve to meet the changing needs of its customers. With customer-centricity at the heart of OCBC’s consumer banking business, it has stayed true to its mission to improve both customer experience and product offerings that deliver maximum value than ever before. At the same time, the Bank continues to invest in physical touchpoints, recognizing that many of its customers still prefer an offline banking experience.

For continuously raising the bar in service excellence, OCBC has received numerous industry accolades – and this year is no exception. At the recent Global Retail Banking Innovation Awards 2020 (GRB Awards) by The Digital Banker, this exceptional mettle has once again been proven when OCBC bagged the following awards:

  • Winner, Best Retail Bank Singapore
  • Winner, Excellence in Digital Innovation
  • Winner, Excellence in Digital Wealth Management
  • Winner, Automobile Lending Product of the Year
  • Winner, Digital Lending Product of the Year

Having built a trusted consumer franchise in Southeast Asia over the past 87 years, OCBC continues to deliver service excellence and reliability. With its digital capabilities, OCBC’s banking services are accessible 24/7. This enables the Bank to better support its customers especially in the current environment where various restrictions are being strictly implemented. OCBC’s cutting-edge mobile banking app continues to serve as a bank in the customer’s pocket, supporting them with their banking needs every step of the way.

“Customer centricity is at the heart of OCBC’s consumer business. The Bank “Stays True” to its customers and is continuously improving its product offering. OCBC’s digital platform enables a bank-in-the-pocket experience for its customers and allows them to enjoy a seamless omnichannel experience. The bank’s profitability is also beyond question. The investments made by the bank to redefine its banking experience have significantly improved customer satisfaction and made banking fuss-free,” said Nirav Patel, Managing Director at The Digital Banker during the awards ceremony.

OCBC leads in Singapore and beyond

One of OCBC’s core strengths is its ability to harness the latest technological advancements to enhance its omnichannel proposition. With a strong offline network in place, the Bank’s focus has been to deliver a seamless digital experience that goes beyond the usual norms, making them a confident leader in Singapore and other markets it serves. Some of OCBC’s most notable initiatives include:

Simplified car loan, home loan and renovation loan application process: With a streamlined process, car, home, and renovation loan applicants can complete the entire process digitally. OCBC recognises that the loan application process can be a stressful experience for customers, especially during these uncertain times. To that end, OCBC has launched the first-in-the-region digital car loan application process which features instant approval and online acceptance within 60 seconds.

“Even as OCBC strengthens its digital infrastructure, the Bank has remained committed to boost its offline offering.”

Alternate mobile login option: OCBC is the first bank in Singapore to enable the use of SingPass Mobile, a secured application used widely by residents for government-related matters, as an alternative login for its mobile banking application. By doing this, customers have one less password to remember.

HealthPass by OCBC app: OCBC launched its health and wellness app to help customers with safe and affordable access to doctors in the pandemic. The app is the first in the market which provides access to both general practitioners and specialist doctors, and has over 100 wellness offerings, offering customers a holistic approach to health. With HealthPass, OCBC helps customers protect their fundamental wealth – their health.

STACK platform: The multi-partner loyalty platform allows customers to consolidate their points from multiple rewards programmes in one place. It boasts two key features – points exchange and marketplace. The point exchanges enable real-time conversion of points from one rewards programme to another. The STACK marketplace allows customers to use their reward points from the participating partners to redeem for deals across F&B, shopping, travel and entertainment.

Enhanced in-person banking experience

Even as OCBC strengthens its digital infrastructure, the Bank has remained committed to boosting its   offline offering, recognizing that a large segment of its market continues to prefer an in-person banking experience.

One of the important initiatives is the launch of the next-generation ATMs, which allows customers to self-serve for most of their frequently performed transactions. One new feature activity is the cheque encashment service that allows customers to instantly encash cheques, for up to a maximum of $30,000 in a single cheque, simply by depositing them in the ATM machine.

In addition, OCBC is the first in Singapore to avail the QR code cash withdrawal function, which reduced the time taken for cash withdrawal at ATMs from 80 seconds to under 45 seconds. It also has the added benefit of enhanced security via biometric authentication.

“OCBC’s digital platform enables a bank-in-the-pocket experience for its customers and allows them to enjoy a seamless omnichannel experience.”

Also, earlier this year, OCBC launched an industry-first SORA-based mortgage. To date, $350 million worth of SORA-based mortgages has been disbursed, which represents approximately 40% of the average monthly mortgage sales.

With all its digital and in-person initiatives, OCBC continues to be well ahead of the curve. Even during difficult times such as the COVID-19 pandemic, it has remained steadfast in its commitment to stay true to its customers.

 

>> To read more about this story and other exclusive features about the digital banking landscape, download the latest issue of The Digital Banker Magazine HERE.

 

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Image: TY Lim / Shutterstock.com

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