Putting customers first


    Why this is material to us

    Providing innovative and accessible financial products and services is in line with our goal of helping individuals and businesses across communities achieve their aspirations.


    Our approach

    We provide products and services which cater to the needs of various groups in society, including children and young families (Child Development Accounts), youth between 16 and 29 years old (FRANK by OCBC) and pre-retirees and retirees (Silver Years by OCBC Life Goals). We also launched a number of innovative financial services to provide start-ups and small businesses with improved access to finance.

    Digitalisation of our products and processes has enabled OCBC to provide new solutions and extend our reach beyond physical branches, opening new market segments which may have previously been underserved.


    • First to Market Same-day Online Business Incorporation and Instant Account Opening for ‘Born Digital’ Start-ups in Singapore:

    Building on strong momentum with over 90% of new SME accounts opened digitally, we offer added value to entrepreneurs by enabling them to open business accounts at point of business incorporation, delivered in partnership with digital corporate secretaries.

    • Leading SME Bank to Support Innovative and High Growth SMEs:

    Business Venture loans for SMEs with innovative business models or which adopt emerging technologies.

    • Extending Loans to Small Business in Collaboration with P2P Lending Partners:

    Launch of pilot to provide short-term transactional financing to meet the underserved needs of SMEs.


    Why this is material to us

    Technology is advancing at a rapid pace and the needs and expectations of our customers are changing accordingly. As such, digitalisation is mission-critical for OCBC. We must continue to provide innovative and seamless solutions that meet our customer needs across all stages of their journey with us.


    Our approach

    Digital transformation is an integral part of OCBC's corporate strategy. We are focused on driving bank-wide digital transformation to create the Bank of the Future.

    Our digital strategy cuts across every aspect of the Bank. We are focused on redefining digital banking to provide innovative new value propositions for our customers and a next-generation user experience.

    Transforming our business to foster innovation and embrace agile ways of working at scale, establishing ecosystem partnerships and leveraging artificial intelligence are key tenets of our strategy.

    Our digitalisation strategy is led by our Group CEO, who is supported by the dedicated digital teams in Singapore as well as our core markets. Each business unit is responsible for the execution of its part in the strategy.


    • The Open Vault at OCBC
      Launched in 2016, the Open Vault at OCBC (TOV) aims to open the Bank to external innovative ideas and co-create solutions with ecosystem participants. Since then, TOV has evaluated over 1,500 FinTechs globally and partnered more than 25 FinTech start-ups to pilot new solutions in wealth management, virtual customer assistance, transaction monitoring, business banking, consumer marketing and life insurance.

    • Carpe Diem Innovation Lab
      OCBC in-house Innovation Lab, Carpe Diem in Tampines Centre One, is a dedicated space for employees to build and test prototypes and develop unconventional solutions for the Bank by applying new technologies.
      Since its launch in 2013, more than 6,000 ideas have been incubated with several of them eventually transformed successfully. These include the HR In Your Pocket app and an Application Programming Interface (API) platform which enabled transactional APIs and built partnerships with government agencies such as the Central Provident Fund (CPF) and Ministry of Education (MOE) in Singapore.

    • AI Lab
      In 2018, OCBC became the first bank in Singapore to establish an in-house Artificial Intelligence (AI) unit, called AI Lab. With an initial investment of S$10 million over three years, a pioneering team will drive the adoption of AI and machine learning across banking services such as wealth advisory and loans financing.



    Keep a copy of our sustainability report

    To see more of our digital initiatives, please refer to our 2019 Sustainability Report. You may like to download our report in Chinese or English.

    Customer Experience

    Why this is material to us

    The most significant impact we have on society is through our core business - providing our customers with financial solutions that meet their needs and improve their lives. Deepening engagement and forging enduring relationships with our customers is fundamental to our long-term success.


    Our approach

    We have embraced the practice of Human-Centred Design (HCD) to build products and services that are functional, easy to understand and emotionally engaging. This led to the development of a structured design approach that starts with a deep understanding of the customers’ needs and ends with experiences that matter to them.

    Key activities to achieve that were the refinement of the design training programmes (Great Design Bootcamp and Masterclass) and the systematic application and scaling of design practices across the organisation, which is setting the standard of OCBC customer experience.

    The training programmes’ primary objective was to equip the staff responsible for the creation and development of our products with a whole new set of tools and skills that allows them to discover, prioritise and execute innovative services. The participants’ training was built around the following themes:

    • Re-framing problems that fosters the ideation of new ways of banking.

    • Prototyping and testing concepts to validate and understand effectiveness.

    • Refining and aligning the objectives of the organisation with the needs of the customers.


    Scaling design practices were achieved by coaching selected teams and by embedding employees with design proficiency and expertise within those teams. This resulted in an overall wider sensitivity towards customers’ needs, an increased capability to collaborate as well as an improved speed of execution.

    We further refined our practice of monitoring and measuring the quality of the delivered experience. This was done by systematically and rigorously measuring the levels of customer satisfaction, the amount of customer complaints (the lesser, the better) and the willingness of customers to recommend the Bank (Net Promoter Score).

    In addition, we view complaints as opportunities for the Bank to learn and improve our people, systems and processes in order to retain customers and grow new business. All complaints received are reviewed and tracked to resolution. We analyse the data and trends of all complaints resolved. Learning and improvements are obtained during investigation of root causes and resolution lead by a Complaint Management Council comprising representatives across businesses and operations. Complaint data and issues are shared with senior management and the Board.


    • Driving Continuous Improvement through Tracking and Understanding Customer Satisfaction.

    • The Net Promoter Score (NPS) is tracked on a monthly basis and measures the overall customer engagement at product, segment and overall company levels, based on how likely customers are to recommend OCBC to their peers.

    • Our internal Exceed expectation-Below expectation (E-B) Score is tracked with higher frequency and measures the level of satisfaction across the various touchpoints and interactions customers have with our staff and the Bank.