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10 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 customers’ 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 10 ways it has changed in order to adapt to a banking world that is turning digital.

For the first five, please head here. The next five are as follows:

6. In my previous article  on the first five ways OCBC has changed its business to better suit a digital world, I talked about the bank’s Pay Anyone feature that was launched in 2014. The service allows customers to send payments securely without the recipient’s bank account details. In 2016, OCBC integrated Apple’s Siri and iMessage features into the Pay Anyone service. This allowed transfers to be done using Apple’s Siri and iMessage.

7. OCBC has also opened up its application programming interface (API) to other third-party programmers. Features such as branch locator, ATM locator, and foreign exchange rates were downloaded over 30,000 times in 2016.

8. OCBC’s wealth management business also received some attention. The bank partnered with Fincast to develop a solution that analyses its customers’ portfolios and delivers recommendations based on a customer’s goals and investment profile.

9. BondIT is another partnership along the same vein as Fincast. BondIT, though, focuses on bond portfolios.

10. In another partnership, OCBC home loans teamed up with Cognicor to launch Emma, an artificial intelligence-powered chatbot that is able to manage home and renovation queries. Since its launch in January 2017, Emma has processed over 20,000 enquires and has helped close over $10 million in home loans in three months.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. The Motley Fool Singapore has recommended shares of Apple. Motley Fool Singapore writer Chin Hui Leong own shares in Apple.