60,000 customers are using it already.
OCBC Money Insights is available on both OCBC Bank’s internet banking service and its iPhone and iPad mobile banking applications.
It is integrated with customers’ savings, current and credit card accounts, hence it saves customers the hassle of manually updating their daily expenditure via spreadsheets or other standalone personal financial management apps.
Within the first two months of launch, there were about 60,000 customers actively using the tool.
Singapore Business Review interviewed Mr Pranav Seth, Head of E-Business & Business Transformation, at OCBC Bank, to learn more about the tool.
SBR: What spurred the launch of this new tool?
As part of our overall channel strategy, we are continuously looking for creating a simple, meaningful and delightful experience at every instance our consumer interacts with us.
In addition, as a consumer-centric organisation, our aim is to help customers make better sense of their financial matters and do more with their money. When we were interacting with our customers, we realised that day-to-day money management is a key pain point for our customers – they have either spent a significant amount of time monitoring their money or have given up because it is just too hard.
We realised that we have a lot of the data to relieve our customers of some of this pain and help them manage their finances more easily. We believe that OCBC Money Insights will significantly enhance the experience customers have with OCBC Bank.
SBR: What's new about it for OCBC and your customers?
We developed the tool based on the insight that consumers want quick and easy ways to manage their money. There are numerous financial management tools available out there to help track our finances, but many of us have tried and given up because it takes too much time and effort.
The manual effort of entering data is the key barrier. We eliminate this need by leveraging data that we already have based on our banking relationship with our customers. OCBC Money Insights is the first to combine banking with an online tool that automatically tracks our finances.
It also helps us save and understand our spending habits with minimal effort. In addition, its “People Like You” feature allows customers to compare their own financial behaviour with others of similar demographic profiles, so that they can learn from their peers’ savings, spending and investment habits.
SBR: What do you hope to achieve with this initiative?
Through our continuous innovations in online banking such as OCBC Money Insights, we aim to provide experiences and insights that solve real customer pain points, and allow our customers to gain more value from their relationships with us every time they log in to OCBC online banking.
We also hope to encourage more customers to use OCBC Bank as their primary banking source for their transactions, expenditure and key banking accounts.
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