OCBC Bank bags Malaysia Customer Experience of the Year accolade at Asian Experience Awards 2023

Achieves remarkable growth and innovation in working capital solutions despite global challenges.

OCBC Bank (Malaysia) Berhad (OCBC Bank) has been honoured with the Malaysia Customer Experience of the Year – Banking Award at the Asian Experience Awards 2023, underscoring the Bank's unwavering commitment to delivering an exceptional banking experience amidst the challenges of the recent global pandemic and economic downturns. Despite the obstacles, OCBC Bank not only persevered but thrived, achieving impressive growth in transaction banking resulting in a better customer banking experience.
 
Key highlights of OCBC Bank's working capital solutions include a 41% growth in SME transaction banking income, a 51% growth in SME cash management income, and a noteworthy growth in domestic and foreign currency accounts. Digital transactions also witnessed a significant rise, increasing to 56% in December 2022 from 52% in December 2021. The Bank's dedication to digital transformation also became evident in the substantial increase in mobile banking customers.

Innovative offerings and enhancements have further elevated the banking experience for OCBC Bank's customers.

Amongst these were its fully online onboarding process, seamless self-service QR codes for collection and remittance option OCBC FLASH.

The Bank’s fully online onboarding process saw OCBC Bank introducing a straight through self-service online option that simplified the application process for new-to-bank customers applying for a business banking account (OCBC eBiz Account). This offering includes a business current account, access to OCBC Velocity (business internet banking), and a business debit card. Customers also gain access to FX Online for spot rate booking, cross-border payments and merchant QR collection OCBC OneCollect. With this, it has become known as the all-in-one business account for SMEs.

The Bank’s seamless self-service QR codes for collection enable OCBC Merchants to print dynamic QR codes on their own any time for collections. They may also choose to collect via the dynamic QR codes generated through the OCBC OneCollect app. 

OCBC FLASH is a cost-effective remittance option that offers competitive pricing for SGD and RMB payments, catering to the growing Singapore and China market.

Existing OCBC Business account customers may also gain pre-onboarding authorisation for onboarding OCBC OneCollect merchants conveniently through OCBC Velocity. 

Through the Robotic Process Application (RPA) for OCBC OneCollect onboarding, the bank has automated the onboarding process for OCBC OneCollect merchants, enhancing efficiency and addressing collection and reconciliation challenges faced by logistics and last-mile delivery companies.

To address the changing landscape brought about by e-commerce and the pandemic, OCBC Bank introduced a fully digital trade financing solution. This innovative digital invoice financing offering helps SMEs transition to digital banking and access simple working capital financing. It offers a flexible facility with a simplified application process, working capital loans, and easy approval that is no longer based purely on traditional financial assessments.

The bank's Escrow Account Management (EAM) solution simplifies business collaborations by offering assurance and timely receipt of sales proceeds. Structured Trade Solutions, such as Order-Based Financing, provide clients with innovative ways to manage trade-related needs.

OCBC Bank goes beyond banking services by engaging and rewarding its clients through campaigns like "OCBC Go Big, Win Big" and the "Trade Surge”. These initiatives offer clients opportunities to win attractive prizes whilst utilising OCBC's banking services.  The bank also reintroduced its physical Trade Finance Academy courses, providing continuous education to clients in trade finance and services, as well as related topics like liquidity management.

Looking ahead, OCBC Bank remains committed to digitalisation and invests in technology and digital initiatives. 

OCBC is also actively nurturing tech talent and plans to hire more than 1,000 tech professionals over the next three years, further strengthening its position as a leader in digital banking.

The Asian Experience Awards is presented by Asian Business Review Magazine. To view the full list of winners, click here. If you want to join the 2024 awards programme and be acclaimed for providing meaningful brand experiences to stakeholders, please contact Jane Patiag at [email protected].