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FINANCIAL TECHNOLOGY | Cesar Tordesillas, Singapore
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OCBC invests S$20 M in account opening system in Singapore

OCBC Bank launched of its new S$20 million account opening system at all 56 OCBC Bank branches in Singapore.

 

The new system makes starting a relationship with OCBC Bank easy – it significantly enhances customer experience and engagement, and improves productivity at branches.

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 Oversea-Chinese Banking Corporation Limited 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 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. These observations drove the re-design of the branch
processes and systems to focus on the customer.

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