OCBC Bank's Mighty Savers Programme Turns 10 with Financial Literacy Tour for 3,000 Children from 27 Pre-Schools
Singapore, 11 August 2017 – A cartoon, a skit, a song and a dance.
That is what 3,000 children aged four to six were treated to when OCBC Bank’s Mighty Savers® programme was brought to 27 pre-schools as part of a financial literacy education tour to instil the foundations of how to save and spend wisely. The four-month tour began in May to mark the 10th anniversary of the OCBC Mighty Savers® programme.
The OCBC Mighty Savers® programme was launched in 2007 with the goal of helping to make saving fun for children. Since then, more than 275,000 children have signed up, helping OCBC Bank grow its child savings accounts by an average of 30% every year. Over the same period, total deposit balances in these accounts have risen by an average of 21% annually.
The success of the OCBC Mighty Savers® programme, coupled with the appointment of OCBC Bank as one of two managing agents for the Children Development Account (CDA) under the government’s Baby Bonus Scheme in 2008, provided the bank with a valuable platform to engage and grow the young parents segment. Both the OCBC Mighty Savers® programme and the CDA accounts are part of a suite of comprehensive financial solutions aimed at helping young parents plan for their children’s future in a complimentary and holistic manner. Other financial solutions that help these young parents and their children even before they are born include bancassurance products like a maternity protection plan to protect expectant mothers against pregnancy-related complications, endowment plans for university education, day-to-day banking products like a monthly savings account that pays interest of up to 0.8% per annum and the OCBC 365 credit card, which awards cashback of 3% for over-the-counter medical, dental and cord blood banking transactions.
These ‘family segment’ products have contributed 8% annually to the Bank’s consumer banking revenue in the past six years. Income from the segment grew at an annual average rate of 6% in the same period. Statistically, a customer with an OCBC Bank CDA is likely to have 1.5 times more products with the bank than a customer without an OCBC Bank CDA.
Strong Market share in Child Development Account
The OCBC Mighty Savers® programme was the winning factor in OCBC Bank’s being chosen as one of two managing agent banks for CDAs in 2008. From 2008 to 2014, OCBC Bank led the market with a market share of more than 90%. Even after 2015, when all three Singapore banks were awarded managing agent bank status, OCBC Bank remained the preferred choice for young parents because of the attractive elements of the OCBC Mighty Savers® programme. OCBC Bank’s full-service Sunday Banking at 19 branches islandwide also makes banking with OCBC Bank a weekend option, fitting better with many family schedules.
Today, six in 10 new parents choose OCBC Bank for their children’s CDA. Currently, OCBC Bank has a more than 80% market share for CDA.
OCBC Bank’s Head of Consumer Financial Services Singapore, Mr Dennis Tan, said: “We provided the runway for parents to get their children excited about saving with meaningful rewards and activities at every milestone. Our Mighty Savers programme has given us a valuable opportunity to understand the needs of families and children and engage them in a very meaningful and fun way. In a span of 10 years, we have become and remain entrenched as the bank of choice for parents to bank with.”