- June 11, 2020
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OCBC Bank wins Best Productivity, Efficiency and Automation Award for simplifying application process and reducing cost through digital sourcing
- OCBC Bank leveraged Singapore’s MyInfo to simplify customer application journey
- The project enabled customers to have instant access to the bank’s credit facilities
- The bank was able to increase digital sourcing for cards and loans
28 October 2020, Singapore – OCBC was recognised for Best Productivity, Efficiency and Automation at the Financial Technology Innovation Awards 2020 presented by The Asian Banker.
OCBC Bank leveraged Singapore’s MyInfo to simplify customer application journey
The bank implemented Project 310 to provide its customers with instant approval and use of credit products. The capability was built by integrating customer information from MyInfo, a data repository for SingPass users, real-time Know-Your-Customer (KYC) and automated credit assessment checks. OCBC Bank was able to verify customer identity and pre-populate data fields by tapping into MyInfo.
The project enabled customers to have instant access to the bank’s credit facilities
This application journey for unsecured credit facilities was made available to customers online, at retail partners, roadshows, and branches. This did not only accelerate turnaround time from days to minutes but also allowed customers to have instant access to the bank’s credit facilities such as cards, loans and overdraft accounts. Card customers can use their digital card number instantly, or provision it into their mobile wallet. Customers can also have unsecured loans disbursed immediately into their account. For overdraft accounts, new to bank customers get their internet banking access instantly to use the facility.
The bank was able to increase digital sourcing for cards and loans
The project enabled the bank to drive business results and increase digital sourcing for cards and loans, while reducing processing costs. The bank saw digital volume of cards increase by 2.5 times, while digital volume of loans increased almost fivefold. In terms of overdraft accounts, OCBC Bank experience a digital volume growth of over 11 times. The bank plans to scale this solution to more products and utilise data from more non-traditional sources.
OCBC Bank’s Ng Lee Peng, vice president for digital business consumer financial services, in accepting the award said, “We are continuously focused on enhancing our customers’ banking experience as well as improving internal efficiency levels. We will continue to innovate as part of our digitalisation journey”.
For video of award presentation and Ng’s acceptance speech, click here.
For video of the Financial Technology Innovation Awards 2020 Virtual Ceremony, please click here
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. Its business revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com.
Visit The Asian Banker Financial Technology Innovation Awards 2020 official page at https://www.asianbankerawards.com/technology/
For further information, you may get in touch with:
Mr. Mobasher Zein Kazmi
Head of Research
Tel: (+61) 452 514 145