Toward Customer Service Excellence: OCBC Bank`s First-to-Market Digital Solutions
| Case Code: ITSY124 Case Length: 12 Pages Period: 2010-2021 Pub Date: 2022 Teaching Note: Available |
Price: Rs.300 Organization: Oversea-Chinese Banking Corporation Limited Industry: Banking Countries: Singapore Themes: Information Systems, Digital Strategy, Customer Relationship Management,Banks and Banking |
Abstract Case Intro 1 Case Intro 2 Excerpts
Excerpts
OCBC’s First-To-Market Digital Services for Customers
OCBC rolled out several first-to-market digital banking services for retail customers in Singapore. The solutions were offered across customer touch points right from opening a bank account, accessing bank accounts through various digital devices with additional security features, getting information on loans, insurance, and other financial advisory services from the comfort of their homes, and making contactless payments to merchants among others. OCBC partnered with several big tech companies as well as the Government of Singapore to develop and deliver these innovative digital solutions that transformed the banking experience for retail customers..
OCBC’s First-To-Market Digital Products for Customers
In addition to enhancing digital services through digital technologies, OCBC continued to enhance its product offerings as part of the digital transformation focus..
Road Ahead
OCBC undertook an exhaustive digital transformation journey in response to rising competition from digital banks, big tech companies, social and e-commerce platforms, and fintech companies. The transformation strategy enabled the bank to stay competitive and earn accolades for supporting customers during the COVID-19 pandemic. The bank planned to further expand its digital ecosystem by partnering with the government, e-commerce platforms, and fintech companies and support the Singapore government’s Smart Nation initiative by working closely with the government. The bank also had plans to continue investing in technology infrastructure and cybersecurity to develop novel solutions that improved customer experience..
Exhibits
Exhibit I: Core Businesses and Corporate Strategy of OCBC Bank
Exhibit II: Procedure to Login through SingPass
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