OCBC Singapore, formed in 1932 from the merger of three local banks, is the longest established bank in the country, growing from strength to strength to become a regional financial services leader.
In recent years, the bank’s efforts in delivering a seamless customer experience through initiatives across the board has not only been received well by its customers but has also been duly recognised by The Digital Banker. At the recently held Digital CX Awards 2024 in Singapore, OCBC Singapore swept up four awards under different categories, highlighting the success of its customer experience initiatives.
Keeping Customer Money Safe
The bank introduced its innovative ‘money lock’ feature in November 2023, providing customers with an extra layer of protection against scammers by locking their funds and keeping it safe.
It is the first and only bank in Singapore to offer unlocking of funds at any OCBC ATM and OCBC Service Kiosk. The feature empowers customers and give them greater control over their finances by enabling users to allocate funds for specific purposes without the need to open a separate account and control their own lock durations, amounts and convenience of unlocking their funds 24/7 at any OCBC ATM and OCBC Service Kiosk in Singapore without having to visit a branch.
For this innovation, OCBC Singapore received the Best Customer Experience – ATM award.
Customer Loyalty Program
In August 2023, OCBC Singapore launched OCBC Rewards Hub, a one-stop shop for OCBC rewards customers to check the points balance, redeem deals, and convert points to partner rewards – all in one app on OCBC Digital, with a single login.
Customers found it cumbersome and confusing to find the rewards and benefits across multiple apps and websites with separate logins for respective offerings. Hence, the bank launched this initiative to simplify navigation for ease of redemption and to speed up the sense of gratification, optimising the intrinsic value of the well-earned rewards for its customers.
OCBC offers a variety of reward options across the bank reward ecosystem’s platforms – STACK Rewards, and Travel with OCBC. Customer can redeem miles, retail vouchers and partner loyalty programme point conversions. Beyond points and redemptions, Rewards customers can login to the mobile banking app to check out what is newly added to the ever-growing list of discount deals to enjoy with their credit card usage, increasing the opportunities of dollar-savings.
Customers can expect to see the next release in 2024, which will offer even more meaningful interactions, helping them get the most out of their well-earned reward points.
Image: monticello / shutterstock.com
For this comprehensive solution, OCBC Singapore won the award for the Most Improved Customer Loyalty Program for Digital CX.
Digital Travel Insurance
Launched in November 2023, OCBC Digital Travel Insurance Journey is part of OCBC’s ongoing commitment to make insurance digital, easy and accessible to our customers.
It is a self-serve journey for OCBC customers to buy Explorer Travel Insurance digitally via the bank’s mobile app. This product journey was jointly curated with its customers through over 40 hours of labs and interviews.
As travel borders re-opened post the pandemic, the bank seized this opportunity to launch a hyper-personalised journey through artificial intelligence (AI) and digital enablers.
To date, OCBC remains the first and only bank in Singapore to offer hyper-personalised promo codes based on the customer profile, which offers the highest possible discounts, so that customers can trust that they are getting the best deal.
For this reason, The Digital Banker presented it with the award for Outstanding Digital CX – General Insurance.
Mortgage Product Innovation
OCBC’s vision is to offer a seamless digital loan application process and smooth servicing of consumer loan products and services, and to integrate with external ecosystem partners to provide a hassle-free experience.
The bank has become a market-first in availing mortgage insurance in the digital mortgage journey. The insurance proposal is generated upfront with coverage and premium customised to the subject loan, and application transmitted to its insurance partner on the same day.
With this process, Group Mortgage Insurance sign-up has been transformed from a paper-based process requiring ink signature into a fully digital process. This easy, hassle-free application and process has resulted in a 500% increase in mortgage insurance sign-ups.
For this, OCBC Singapore received the award for Outstanding Digital CX – Mortgage Product at the Digital CX Awards 2024.
