OCBC wins the award as Singapore's best digital bank this year for enhancing its digital banking service through a series of initiatives designed to deepen engagement and improve the user experience across its platforms.
AfE 2024
Backed by increased investment, these initiatives targeted the key areas of customer onboarding, payments, investing, insurance, rewards and security.
First impressions are critical in digital banking, which is why the onboarding process needs to be smooth, efficient and secure.
OCBC’s digital app achieves this thanks to developments in the onboarding process that use artificial intelligence, data analytics, biometrics, blockchain and cloud technologies, which have all been integrated into the bank’s digitalized know-your-customer process.
This has made it quick and easy for customers from other countries to open a bank account, which otherwise might take weeks. Indeed, OCBC last year became the first bank in Singapore to enable a full digital account opening service for customers from Malaysia, Indonesia, China and Hong Kong.
Supplementing this, OCBC also expanded its digital payment and transfers offerings, adding seven new features on its app to provide a more comprehensive suite of local and cross-border payment and transfer services.
Part of this involved partnering with digital wallets Alipay and UnionPay to support local customer transactions across 47 markets.
Overall, the bank recorded a 700% rise in the number of cross-border transactions last year, and a 500% increase in cross-border transaction volume.