OCBC Bank: Pioneering the Future of Banking with Innovative Excellence

In the banking industry, excellence is marked not just by financial performance, but also by a firm’s innovation, its commitment to customers and the way it is able to react to a rapidly changing business environment and, in turn, rapidly changing client behaviour. OCBC Bank sets a high standard by astutely marrying its digital prowess with expert advisory.

There’s no question that OCBC Bank is a trailblazer in the banking industry. After all, it’s the longest established Singapore bank, having been formed in 1932 from the merger of three local banks – the oldest of which dated back to 1912 – and among the most comprehensive consumer banks in the region, not just by geographic reach but also its product offerings.

That’s why OCBC Bank received four accolades in The Digital Banker’s 2023 Global Retail Banking Innovation Awards: Best Multicurrency Account, Best Open Banking Initiative and Outstanding Omnichannel Integration by a Retail Bank, alongside a Highly Acclaimed nod for the Mortgage Product of the Year.

MULTICURRENCY ACCOUNT CREDENTIALS

Being digital is at the heart of OCBC’s business, and something it has capitalised on over the years through the OCBC Digital mobile banking app.

The app has one of the most comprehensive suites of wealth products to cater to the specific needs of each customer. For instance, it allows clients to trade equities through 15 exchanges and provides a shelf of insurance and investment products to choose from.

With a pick-up in travel since the world’s reopening from the Covid-19 pandemic, OCBC has also spotted a growing need among clients for foreign currency exchange.

To cater to that, it rolled out 24/7 access to instant foreign exchange services on the app, across 10 major currencies. Additionally, customers can opt to set up rate alerts, in order to be notified in real time when a preferred rate for specific currency pairs are met or set up auto-execute orders, so they don’t miss out on any opportunities– making OCBC one of just a handful of firms to offer such features for customers.

SPOT-ON OMNICHANNEL INTEGRATION

OCBC has done a remarkable job at meeting the needs of different kinds of clients – the technologically savvy ones that prefer to be armed with do-it-yourself tools to plan their financial goals themselves, and those that seek out digital solutions as well as face-to-face advisory options for their financial planning journey.

OCBC Life Goals was thereby created in 2016 – with omnichannel capabilities launched in October 2018 – to shift the types of conversations OCBC’s bankers were having with clients, from being product focused to offering customised solutions in line with their long-term life goals.

Leveraging on the Singapore Financial Data Exchange (SGFinDex), this feature got a further fillip in recent years through the incorporation of data from other financial institutions including banks and government agencies, so customers have a better view of their overall finances when planning their future.

OPEN BANKING BOON

A standout feature of the way OCBC operates is its focus on democratising financial planning by making it holistic, personalised and simple.

It has done so by leveraging open banking architecture and data from SGFinDex, Singapore’s version of open banking led by the central bank.

OCBC Financial OneView integrates various financial planning tools and features to allow customers to embark on their tailor-made financial planning journey seamlessly. This was a major success among Singapore’s diaspora, with the bank taking it up a notch in 2022 by integrating customers’ insurance data so that they can track their insurance policies and pay premiums easily.

MORTGAGE SUCCESS

OCBC’s Digital Mortgage Suite deserves kudos for the experience it brings users. It features mortgage advisory, loan application, loan acceptance and loan servicing – all of which can now be done digitally.

Such features are a culmination of constant innovation happening at OCBC.

For instance, OCBC started accepting and approving digital home loan applications from March 2020. The following year, it rolled out the market’s first retail sustainable financing product, Eco-Care Home Loan. In 2022, it extended the digital experience to loan servicing, eliminating paper applications entirely. Thanks to that, more than 30,000 – requests, including repricing, prepayments and loan redemptions, were handled by the portal within the first six months of launch.

OCBC’s vision of digital experience also extended to external stakeholders in the mortgage ecosystem. By end 2022, OCBC also availed digital take-up of Group Mortgage Insurance whereby this option can be selected during the loan acceptance journey. The proposal form is generated upfront for customers and information transmitted on the same day to the insurance provider.

This kind of a forward-thinking approach makes OCBC a clear banking leader with a proposition that is hard to beat.

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                  The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

                  COVID-19
                  Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

                  Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

                  The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

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