OCBC Bank named World’s Best Consumer Bank byGlobal Finance
In this article (5)
OCBC Bank has been named the World’s Best Consumer Bank by international financial publication Global Finance. This comes on top of the ‘Best Bank in Asia-Pacific’ title that Global Finance awarded to OCBC Bank in April 2019. Mr Raymond Chee, General Manager of OCBC Bank’s New York Agency, was at the 20th World’s Best Bank Awards ceremony in Washington D.C. to receive the latest honour.
Mr Ching Wei Hong, Chief Operating Officer of OCBC Bank, said: “We are honoured to be recognised as a global leader in consumer banking. This award is a testament to our unceasing obsession with customer-centricity. Competition is a constant in the consumer banking industry and consumers are constantly on the lookout for innovative products and services that blend seamlessly into the rest of our daily lives.
“As we drive deeper customer engagements through our digital transformation, we will continue to maximise the value we offer to each customer by placing his or her needs, aspirations and ideals at the centre of our every product, service, process and policy.”
Mr Joseph Giarraputo, President and Editorial Director, said: “Singapore consumers are benefiting from OCBC Bank’s early adoption of digital channels, with instant approvals for key banking products. By making use of the national data repository, MyInfo, as well as its own systems, OCBC is able to authenticate customers in real time and to pre-fill application forms with personal details. The bank has eliminated pain points for clients and is leading the way in frictionless banking. OCBC’s strong presence in Asian countries other than Singapore enables it to offer the same model in the rest of the continent.”
Global Finance winners were selected based on performance over the past year and other criteria including reputation and management excellence. Global Finance made the selections after extensive consultations with corporate financial executives, analysts and bankers throughout the world.
Most recently, OCBC Bank was the first in Singapore to enable customers to use their voice to perform banking transactions and access services, and the first in Singapore to enable cash withdrawals at ATMs using QR codes.
OCBC Bank was the first bank in Southeast Asia to launch a robo-investment service that enabled customers to start investing and growing their wealth in a simple and self-directed way.
“OCBC Bank was first bank in Singapore to offer a free online will writing service to help Singapore citizens and residents prepare their own wills within 10 minutes.”
OCBC Bank was the first bank in Singapore to allow customers to instantly open and use a new bank account, leveraging MyInfo and OCBC Bank’s digital KYC process; digital applications and instant approvals of OCBC’s most popular savings account, the OCBC 360 Account, have since grown three-fold. Also available is instant approval of online applications for products like personal loans and credit cards.
OCBC Bank has earmarked $14M to roll out its new-age ATMs and digital service kiosks at 35 branches by 2020. This will enable customers to get their banking done without having to queue. Fifteen per cent of over-the-counter branch transactions have since been migrated from the teller counter to these machines.
OCBC Bank was first bank in Singapore to offer a free online will writing service to help Singapore citizens and residents prepare their own wills within 10 minutes.
The FRANK by OCBC banking programme created in 2011 remains the only programme in Singapore to provide millennials with banking products and solutions designed for them as they go from being students in tertiary education to entering the workforce as young professionals. FRANK by OCBC offers millennials deposit accounts, credit and debit cards, insurance, investment products and study loans.
OCBC Bank has had the highest number of winners across the financial industry for four consecutive years at the Association of Banks in Singapore (ABS) Excellent Service Awards, and were also honoured with the Highest in Retail Banking Customer Satisfaction by J.D. Power’s 2018 Singapore Retail Banking Satisfaction Study. This year, the bank also won top honours for ‘Best ATM Innovation’ and ‘Best Self-Service Banking’ at The Digital Bankers Global Retail Banking Innovation Awards 2019.
Questions & Answers
Q.What initiatives have driven OCBC Bank's recognition as a global leader in consumer banking?
What initiatives have driven OCBC Bank's recognition as a global leader in consumer banking?
OCBC Bank has been recognised for its early adoption of digital channels, including instant approvals for banking products using MyInfo, and enabling customers to use voice commands and QR codes for transactions. They were also the first in Southeast Asia to launch a robo-investment service.
Q.How is OCBC Bank making banking more efficient for its customers in physical branches?
How is OCBC Bank making banking more efficient for its customers in physical branches?
OCBC Bank is rolling out new-age ATMs and digital service kiosks at 35 branches by 2020. This allows customers to complete banking tasks without queuing, with 15% of over-the-counter transactions already migrated to these machines.
Q.What specific digital innovations has OCBC Bank introduced in Singapore?
What specific digital innovations has OCBC Bank introduced in Singapore?
The bank was the first in Singapore to allow customers to instantly open and use an account using MyInfo, offer a free online will writing service, and enable cash withdrawals at ATMs using QR codes. They also pioneered voice-activated banking transactions.
Q.How does OCBC Bank cater to the needs of millennial customers?
How does OCBC Bank cater to the needs of millennial customers?
The FRANK by OCBC banking programme, created in 2011, offers millennials a range of products and solutions. These include deposit accounts, credit and debit cards, insurance, investment products, and study loans, designed for their progression from students to young professionals.
Reader pulse
Does this award boost OCBC's brand perception?
17,666 votes so far