OCBC Premier Banking aims to deliver banking services through not only conventional platforms but also across a diverse range of digital channels so clients can have the flexibility to choose the way they want to do banking. The multichannel experience marks the beginning of a refreshed suite of OCBC Premier Banking propositions, developed based on insights gained from clients.

According to Ms Anne Leh, Managing Director and Head of Consumer Financial Services at OCBC Bank (Malaysia) Berhad, at the very core of the multichannel strategy is client-centricity which ensures banking products and services leverage the advantages of the brick-and-mortar branch complemented by an efficient digital infrastructure so that client expectations and the highest service standards are met.

“As Premier Banking is essentially a relationship-based banking model, our many Premier Centres located across the country continue to play a key role in maintaining the emotional connection with our clients and to provide an anchor for human interaction and more complex advisory to take place. The acceleration of digitalisation allows us to empower our frontliners with the right digital tools to serve our clients even better,” she says.

“Our mobile banking services have also been strengthened with payment and wealth management offerings for clients who wish to perform simple banking transactions more conveniently and with greater freedom.”

Through assisted digitalisation, OCBC Premier Banking presents a unique offering where clients can expect a human-led relationship model that is enhanced with a cutting-edge digital proposition. Launched during the pandemic, the award-winning, first-of-its-kind OCBC RM Chat enables clients to communicate and place daily banking and investment instructions securely with their Relationship Managers via OCBC Internet Banking and OCBC Mobile Banking. It operates like popular chat services such as WhatsApp and WeChat, and comes with the level of cybersecurity expected of a bank. There is also no need for shuffling of forms and call-back verifications.

Head of Digital Transformation Mr Lee Lin Wee says OCBC RM Chat essentially augments access to financial services because it offers a broad range of banking transactions typically not available via other self-assisted channels such as foreign telegraphic transfers, financing and credit card services, and the sale and purchase of more complex investment products without compromising security.

“The superiority lies in its connectivity and continuity — a digital offering with a high-touch service model — because you can be sure your familiar and friendly Relationship Manager is on the other side of the chat to assist you,” he explains.

Guided by the need to provide greater security to clients to ensure their data remains safe and secure, OCBC RM Chat was conceived against the backdrop of growing cases of phishing scams, where perpetrators disguised themselves as legitimate officials to phish for information. To date, more than one in four OCBC Premier Banking clients are using OCBC RM Chat.

For non-complex transactions, there is always the option of self-service digitalisation through OCBC Mobile Banking. By just keying in a mobile number or NRIC, money transfers are rendered effortless and instant via DuitNow. Many merchants across the country accept DuitNow QR, allowing clients to directly make payments to the merchant via a simple QR code scanning process. The OCBC Mobile Banking app also supports secure real-time payments for online payments and bills via FPX (Financial Process Exchange) and JomPAY.

As OCBC Premier Banking is a service platform dedicated to long-term relationships through the client’s various life stages and multiple generations, it seeks to find effective ways for clients, including the younger clientele base with second-generation wealth, to enjoy greater control over their finances. This entails alignment with new expectations where clients value more autonomy, not just in activities related to daily banking but also in wealth management.

Head of Digital Business Mr Ng Say Young notes that technology plays a critical role in digitalising the business of wealth management for the convenience of clients.

“While in the past it was used predominantly to support internal operations, today it is a key differentiator for banks to deliver greater control to a base of clients who increasingly want more independence. With OCBC Mobile Banking, clients can now invest in a range of unit trust funds. They can have access to information such as past performance, dividend history and asset allocation so they can evaluate, compare and understand the fund details to make a confident decision,” he says.

“The process to purchase or sell unit trusts is also made simple and transparent with clear instructions. New investors can take their time to understand the funds’ features and start at their own pace with a minimum amount. We believe that by investing in technology, we can improve the way we operate and elevate the client experience.”

At OCBC Bank, future-proofing the client experience includes keeping cybersecurity top of mind. Introduced recently, the OCBC Kill Switch enables clients to immediately freeze their banking accounts and cards via a 24/7 self-service interactive voice response service if they suspect a scam.

According to Ms Leh, the bank has been closely following the rise in scam-related banking transactions to close the gaps that fraudsters look to exploit.

“With the OCBC Kill Switch, clients can now take the first important step of freezing their accounts far more quickly than ever before by calling the bank’s contact centre and pressing ‘8’. Our Customer Service Executives will help them block access to their compromised bank account or cards, and issue new cards. Only our bank staff can deactivate the OCBC Kill Switch, and that too after receiving verified instructions from the client,” she says.

“While there will always be some form of cyber risk whenever we go online, the digitalisation of banking is here to stay. We’re committed to implementing heightened security measures and educating our clients on how to use digital channels safely and securely. This is based on a service model that blends human interaction with digital support, which is a fundamental part of the strategy for a financial services provider like us. It allows our clients to intuitively access our services, either via assisted digitalisation or self-serve digitalisation or at any of our Premier Centres.”