OCBC Bank (Malaysia) Berhad clinches two wins at the Malaysia Awards 2021
OCBC RM Chat wins at the Malaysia International Business Award for banking, while FRANK by OCBC snags the mobile banking trophy at the Malaysia Technology Excellence Awards.
There is no denying OCBC Bank's experience in the banking industry. Established in 1932 from the merger of three local banks (with the oldest founded in 1912), Singapore's longest-established bank is now the second-largest financial services group in Southeast Asia by assets.
With their aim to help individuals and businesses achieve their goals by providing the right financial services that suit their needs, OCBC Bank continues to develop innovative ways of meeting and serving their customers by breaking new ground through their thinking, actions and decisions centered on improving customer experience. Their latest innovations, the OCBC RM Chat and FRANK by OCBC are tangible results of this vision; and for that, they deserve to join Malaysia Awards’ elite circle of winners this year.
OCBC RM Chat
OCBC RM Chat is the latest innovation from the forward-looking digitalisation efforts of OCBC Bank (Malaysia) Berhad. OCBC RM Chat is a first-of-its-kind secure communication channel that enables OCBC Premier Banking and Premier Private Client (“PPC”) customers to securely stay in touch whilst providing the safe means of placing financial instruction to their Relationship Manager (“RM”).
OCBC RM Chat resides on the OCBC Internet Banking/ Mobile Banking platforms, with all data transmitted through an end-to-end encrypted system using the military-grade AES-256 (military grade) encryption standard.
The idea of OCBC RM Chat started as a regulatory FinTech sandbox under the name of OCBC Secure Chat. In 2017 and 2018, consumers became wary even when receiving legitimate calls from their banks following headline-grabbing phone scam incidents where perpetrators posed as authorities or bank officers to phish for customer information. This made it difficult for banks to carry out day-to-day call-back verifications to confirm transaction instructions.
OCBC Secure Chat was conceived as a secure channel for customers to communicate with and give instructions to their RM without the need for a call-back verification. It is also the second regulatory sandbox application from a financial institution approved by Bank Negara Malaysia (“BNM”) after a local bank, making OCBC Bank the first foreign bank to do so.
Fast forward to the current unprecedented times of a global pandemic, the official launch of OCBC RM Chat on 29 December 2020 which was on the eve of the Movement Control Order (“MCO”) 2.0. This could not have been more timely, as customers are now able to have a wider range of their banking needs met without having to physically meet their RM, visit an OCBC branch, or attend to a call-back verification. This also includes unit trust subscriptions, telegraphic transfers, and foreign currency account deposit fulfilments.
Feedback from both customers and RMs since the launch has been decidedly positive, and customers have often cited the game-changing convenience brought about by OCBC RM Chat. To date, more than 5,000 customers have signed up for the OCBC RM Chat service and more than 2,000 transactions have been successfully executed via the platform.
FRANK by OCBC
Today’s mobile generation puts a premium on flexibility and seamlessness in banking, fueling the widespread adoption of digitalisation. Following the mantra of “Your Money, Your Rules”, OCBC Bank (Malaysia) Berhad launched FRANK by OCBC in September 2020 to bring the banking experience to another level. By providing customers with control over their finances via their mobile phones, it helps make banking less rigid and easily accessible.
FRANK by OCBC allows OCBC customers to enjoy FD rates they normally see in traditional banking without the lock-in and early withdrawal penalties. Using the “Save and Spend Pots” feature on the platform, users can benefit from earning higher interest rates and monitor their accounts at the tap of a finger, whilst maintaining flexibility over when to spend their money.
FRANK by OCBC is open to Malaysian citizens who are at least 18 years of age and fulfil the requirements set out in its terms and conditions. They need only to download the OCBC Malaysia Mobile Banking app, complete the online application form, and then head over to a nearby OCBC branch purely for biometric verification. Once completed, the FRANK account is opened and can be funded instantaneously by pulling funds from other banks.
Customers can start their savings journey with as low as RM20, without the usual minimum initial RM1,000 deposit normally associated with FDs. This ultimately gives them more control so they can maximise their savings, with the added flexibility to use the funds when the need arises without being penalised.
FRANK by OCBC comes with a debit card that can be used conveniently through contactless payment across 400,000 merchants and 14,000 ATMs nationwide. Unlike most cards, users can enjoy no foreign exchange markup when performing overseas transactions as well as when spending foreign currency in online transactions.
About OCBC Bank
OCBC Bank is the longest established Singapore bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912. It is now the second-largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with Aa1 by Moody’s and AA- by both Fitch and S&P.
Recognised for its financial strength and stability, OCBC Bank is consistently ranked among the World’s Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker.
OCBC Bank and its subsidiaries offer a broad array of commercial banking, specialist financial and wealth management services, ranging from consumer, corporate, investment, private, and transaction banking to treasury, insurance, asset management, and stockbroking services.
OCBC Bank’s key markets are Singapore, Malaysia, Indonesia and Greater China. It has more than 470 branches and representative offices in 19 countries and regions. These include over 230 branches and offices in Indonesia under subsidiary Bank OCBC NISP, and over 70 branches and offices in Mainland China, Hong Kong SAR and Macau SAR under OCBC Wing Hang.
OCBC Bank’s private banking services are provided by its wholly-owned subsidiary Bank of Singapore, which operates on a unique open-architecture product platform to source for the best-in-class products to meet its clients’ goals.
OCBC Bank's insurance subsidiary, Great Eastern Holdings, is the oldest and most established life insurance group in Singapore and Malaysia. Its asset management subsidiary, Lion Global Investors, is one of the largest private-sector asset management companies in Southeast Asia.
OCBC Bank offers Islamic banking products and services in Malaysia through its wholly-owned subsidiary, OCBC Al-Amin Bank Berhad.
For more information, please visit www.ocbc.com.