OCBC Bank invests $20m in Singapore

56 OCBC branches will now have a new account opening system.

In a release, Oversea-Chinese Banking Corporation announced the launch of its new S$20 million account opening system at all 56 OCBC Bank branches in Singapore.

This system is the result of a 16-month transformation programme that OCBC Bank initiated after customer research revealed a significant opportunity to improve and differentiate the account opening experience. Mr Anthony Johnson, Head of Business Transformation at OCBC Bank, said: “First impressions count. Our research revealed that no bank was going the extra mile to make account opening a hassle-free and engaging experience for the customer. This is what we have set out to do.”

The system is designed around two most popular products opened at branches – deposit accounts and credit cards. The Personal Financial Consultant (PFC) now takes about half the time to open a bank account, freeing up time to focus on understanding and addressing customer needs. About 85% of our new customers open a savings or current account as their first product and the OCBC Bank branch is the most popular avenue that
customers use.