OCBC Bank make first e-commerce foray with online platform for mums
Expanding the ‘We-Economy’, OCBC Bank today launched mumstruly.com – an OCBC-owned and -created marketplace that is the first holistic online site for mums-to-be and mums with children aged up to five years. With six strategic partners signed up and more to come, there is no other site with a comparably wide and carefully-curated range of relevant goods and services. These include specialist paediatric or gynaecological services (from a list of 14 doctors and 13 clinics), a lactation televideo service with a consultant certified by the International Board of Lactation Consultants, baby and motherhood products, and wealth and protection solutions like deposit accounts, credit cards and insurance.
At the launch event today at Robinsons The Heeren, offerings from four of the partners who have tied up with OCBC Bank – Robinsons, NTUC FairPrice, Singapore Medical Group, and Singapore-based telehealth start-up Doctor Anywhere – were introduced. Products by StarHub and Great Eastern will be included in the platform shortly. By the end of the year, more retail and service providers are expected to come onboard, expanding the options available on what is OCBC Bank’s first e-commerce platform.
Mr Dennis Tan, Head, Consumer Financial Services Singapore, OCBC Bank, said: “Many say the tech giants are eating our lunch. With mumstruly.com, we intend to wrestle back our share of the pie. OCBC is in the best position to make this work because we understand families, having served this segment as the number one Baby Bonus bank for more than 10 years. Not only that, our award-winning customer experience design and data analytics team played an integral part in formulating solutions for young moms throughout the entire customer journey. We have therefore created an online e-commerce platform that is most relevant and meaningful to mothers.”
Data and Design Thinking
OCBC Bank’s first e-commerce venture targets mothers because of its deep understanding of young families and their needs. Since 2008, more parents have maintained Children Development Accounts (CDAs) with OCBC Bank than with any other bank; OCBC Bank currently have over 80% of the market and are a major provider of other banking products for young families. These have helped OCBC Bank obtain useful data about mothers. Combining OCBC Bank’s CDA base together with transactional information from NTUC FairPrice supermarket & Robinsons department store purchases, OCBC Bank’s data analytics team were able to handpick the most relevant products and brands for expectant and new mothers based on their expenditure, especially post-pregnancy.
Next, OCBC Bank’s customer experience design team refined the initial selection of products and services identified from the data analytics – and pinpointed new possibilities – using the Customer Experience Journey Mapping method. This method traces the journey taken by new mothers in order to make meaningful and interpretable inferences as to what they will come to need or desire.
Only after the systematic approach is completed were the appropriate partners sought. The entire process that led up to the creation of this holistic and comprehensive e-commerce platform for mothers lasted six months.
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