OCBC Bank’s Velocity@ocbc recognised for delivering differentiated trade finance capabilities as it wins Best Digital Trade Finance Platform Initiative, Application or Programme for 2019 at The Asian Banker Business Achievement Awards 2019
Bangkok, May 30th 2019 - OCBC Bank’s Velocity@ocbc was awarded Best Digital Trade Finance Platform Initiative, Application or Programme for 2019 at The Asian Banker – Business Achievement Awards 2019. The award ceremony was held in conjunction with the prestigious Future of Finance Summit 2019, the foremost annual meeting for decision makers in the financial services industry in the Asia Pacific region, held at the Shangri-La Hotel, Bangkok, Thailand.
- Velocity@ocbc, OCBC Bank’s business internet banking platform provides a full suite of trade finance solutions
- Packed with unique differentiators in terms of customer experience, mobile authorisation and an intuitive platform
- Higher transaction volumes and substantial growth in digital trade transact customers
In the picture: In the picture: Mathew Welch and Bill Chua; International Resource Directors, Siddharth Chandani; Researcher; The Asian Banker with Ms. Yap Kwee Hong; Head- Global Trade Finance; Global Transaction Banking and Ms. Grace Teo; Head- Operations and Technology; GCB Cluster, OCBC Bank
Velocity@ocbc, OCBC Bank’s business internet banking platform provides a full suite of trade finance solutions
Velocity@ocbc is a holistic business internet banking platform offering a suite of cash and trade finance solutions, designed exclusively to mitigate risks and enhanced working capital to ultimately drive business expansion. The platform along with a seamless access and overview of trade finance portfolio ensures timely status updates on submitted applications, option to create customised transaction templates for repetitive transactions, online upload of documents and e-retrieval of trade finance advances anytime, anywhere. Since its launch, the bank made several enhancements to Velocity@ocbc with a view to provide easy access on customers’ trade financing needs. Features like mobile authorization on the go were introduced to capture part of customers’ ambitions on business regionalisation. Shift to open account transactions saw the launch of Invoice Financing and the option to attach and upload documents online, especially catering to the digital needs of SME customers. All in all, enhancements made to the platform provide comprehensive and single account access to customer’s working capital requirements. This is in line with the bank’s digital roadmap strategy to enable clients expanding their business footprints in the region.
Packed with unique differentiators in terms of customer experience, mobile authorisation and an intuitive platform
OCBC Bank understands the inefficiencies behind a typical heavy paper-based process that makes trade finance application a cumbersome affair. Velocity@ocbc is enhanced and designed to streamline operations for customers, by enabling them to take their trade finance transactions online, without the need for paper documents. A hassle-free and intuitive application interface drives optimal customer experience as the platform is built in a way to reduce repetitive work and speed up the turnaround time to apply for a trade finance application. Realising that SME business owners are constantly on the go, the continual enhancements help the owners to view and approve transactions, remotely. OCBC Business Mobile Banking application build features in line with customers evolving needs for streamlined operations and lower transaction turnaround time. As transactions are authorised on-the-go, fraud risks are further mitigated with the elimination of pre-signed manual forms at branches. In a nutshell, the platform brings much needed efficiency in enhancing clients’ digital journey.
Higher transaction volumes and substantial growth in digital trade transact customers
Since the full commercial launch of trade finance capabilities on Velocity@ocbc, the bank witnessed surge in digital trade customers transacting through the platform which in-turn expanded business volumes whilst ensuring customer stickiness. Planned automation initiatives around making the platform more seamless and user-friendly is expected to propel OCBC Bank to grow their digital trade transact customers rapidly.
The Frictionless Transaction Awards recognised both traditional and non-traditional players providing outstanding customer-centric solutions, connections and access channels to users of transaction services that were creatively designed to give better user experience, efficiency, speed, flexibility and cost effectiveness. The winners of this award underwent a stringent evaluation at the regional level to emerge as the most ‘frictionless’ initiative, application or programme. For specific details relating to description of the awards, evaluation criteria and process, kindly visit http://www.asianbankerawards.com/transactionawards/index.php.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The company is headquartered in Singapore, with offices in Manila, Malaysia, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services, and forums.
To view the Business Achievement Awards 2019 gallery, please visit https://bit.ly/2WcifTO.
For further information on the collaterals for winning banks, please contact:
Mr. Alfred Labicassi
The Asian Banker