5 Ways Oversea-Chinese Banking Corp Limited is Riding the Digital Wave

Singapore’s banks are going digital and Oversea-Chinese Banking Corp Limited (SGX: O39) is making its moves.

OCBC’s formula for digital banking is simple. It will be looking at customer’s needs as a starting point to develop appropriate solutions. The bank believes that this approach will deliver a superior customer experience.  In its latest 2016 annual report, OCBC shared five ways it has changed in order to adapt to a banking world that is turning digital:

1. In 2014, OCBC launched its OCBC Pay Anyone feature. The service allows customers to send payments securely without the recipient’s bank account details. From a 2015 media report, the monthly transaction volume for Pay Anyone grew by seven times within 18 months of its launch.

2. OCBC introduced its OneTouch feature in 2015. OCBC’s mobile app users were able to view their account information at the touch of a finger, using fingerprint authentication. The OneTouch feature was used over one million times within eight months of its introduction.

3. Speech recognition was launched in 2015. OCBC’s customers were able to access contact centre services using spoken commands instead of manually keying in options on their mobile.

4. Another innovation from 2015 was the OCBC Open Account app. The app enabled customers to open a bank account without visiting a branch. Within the first 19 months of the app’s life, 21% of new OCBC 360 accounts were opened using it. Of the new OCBC 360 accounts opened using the Open Account app, 40% were new OCBC customers.

5. Over in 2016, OCBC started a pilot test on blockchain technology for local funds transfers between OCBC bank and its subsidiary, Bank of Singapore. OCBC has expressed concern over the threat of blockchain technology previously, but believes that it can hold its own.

To be sure, there is much more that OCBC has done in the digital space. Stick around for more soon. [Editor’s note: An article discussing the next five ways that OCBC has changed its business to suit a world that is going digital has since been published. It can be found here.]

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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.