Monday, 24 June 2024

OCBC blends innovation with security to enhance consumer experience

5 min read

Sunny Quek, head of global consumer financial services, and Serene Koh, head of group digital business and digital transformation, discussed how OCBC is changing consumer banking with innovative services and security features. Their focus on wealth management has resulted in a significant rise in assets under management, particularly among high-net-worth clients.

OCBC aims to reshape consumer banking by introducing innovative services and security features. Sunny Quek, head of global consumer financial services, and Serene Koh, head of group digital business and digital transformation, shared OCBC’s key initiatives to elevate customer experience.

Quek highlighted the bank’s significant growth in wealth management, with a notable increase in assets under management. The bank’s focus on attracting and retaining high-net-worth individuals has been a driving force behind this success.

Koh elaborated on OCBC’s digital transformation, emphasising the integration of artificial intelligence (AI) and data analytics. She explained: “The use of AI for straight-through processing and in our contact centre is a leap forward to enhance customer experience and operational efficiency.” This approach, she said, has streamlined banking services, making them more secure, personalised and engaging for customers. 

One of OCBC’s customer-centric initiatives involves the integration of Alipay+ and UnionPay global network for cross-border payments. Koh emphasised the implementation of Alipay+ and UnionPay, particularly in China, to cater to customers who frequently travel to China and beyond. This move not only meets the needs of travellers but also taps into the global network of these payment systems.

Quek highlighted the bank’s Money Lock feature that represents a significant advancement in account security. He explained: “Our Money Lock feature allows customers to lock funds while still enjoying existing account benefits like higher interest rates from transactions with us, and it can be easily unlocked at over 500 of our ATMs in addition to the branches.” This approach demonstrates OCBC’s commitment to providing security features that are both effective and user-friendly, he remarked.

Koh noted that OCBC’s introduction of remote account opening in key markets simplifies banking procedures for international clients. Customers in mainland China, Malaysia, Indonesia, and Hong Kong can now open an account in Singapore remotely before relocating, enhancing customer convenience.

Quek and Koh emphasised that these initiatives reflect OCBC’s commitment to balancing innovation, business growth, and a safer user experience. Through robust wealth and risk management, digital-enabled capabilities, and a customer-focused mindset, OCBC aims to provide a seamless and secure banking experience.

Keywords: Consumer Banking, Innovation, Security, Wealth Management, Assets Under Management, Artificial Intelligence, AI, Data Analytics, Cross-Border Payments, Money Lock Feature, Account Security, Remote Account Opening, Customer Convenience, Digital Transformation, Customer-Centric, Risk Management, Digital-enabled Capabilities
Institution: OCBC, Alipay+, UnionPay
Country: Singapore, China, Malaysia, Hong Kong
Region: South East Asia, Asia
People: Sunny Quek, Serene Koh
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