Oversea-Chinese Banking Corp Limited Shares 8 Key Numbers Which Point to a Digital Future for Singapore’s Banks

The presence of digital technologies in the banking industry has been growing.

Yesterday, local banking giant Oversea-Chinese Banking Corp Limited (SGX: O39) was featured on business publication The Edge on the topics of financial technology (fintech) and OCBC’s digital strategy.

A few key numbers caught my eye as I was reading through the article. I noted down eight numbers that describes how pervasive digital channels in banking and online banking have become in OCBC and Singapore:

  1. A whopping 98% of all financial transactions at OCBC are done through the bank’s digital channel, rather than the bank’s physical branches. When was the last time you walked into a bank’s branch?
  2. Three years ago, only 27% of OCBC’s online banking customers used mobile banking. This figure has crept up to 46% today. According to the Infocomm Development Authority of Singapore, the mobile penetration rate in Singapore in June has reached 150%.
  3. More banking is being done online. Some 20% of the OCBC 360 savings account customers chose to open the account online. Around 50% of the bank’s unit trusts are also sold through online channels.
  4. With digital channels comes new opportunities. OCBC also noted that 60% of the aforementioned OCBC 360 customers had never banked with OCBC before. The same goes for the unit trusts, where 50% of sales were to new customers.
  5. Biometric authentication is also proving to be a hit. OCBC’s OneTouch and Apple Watch apps have been used an impressive 7.5 million times since it was launched last year. I contributed to that figure too.

The winds of digital change appears to be catching on at OCBC. With the numbers which OCBC reported above, it is hard to ignore the digital trends that are influencing the way banks engage with its customers.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Chin Hui Leong doesn’t own shares in any companies mentioned.