Our approach

Digital transformation is an integral part of OCBC’s corporate strategy and cuts across every aspect of the Bank. We build and create a better future by leading the digital push through customised offerings that go beyond basic banking needs. This helps our customers remain competitive in a rapidly changing landscape. That’s our OCBC brand promise to our customers, Simply Spot On!

Featured programmes/initiatives

Business financial management

• We integrated business financial management capabilities into our Digital Business Banking platform, OCBC Velocity to include tools such as cash-flow visualisation and e-invoicing.

Cross-border merchant payments

• The OCBC OneCollect app helps merchants collect payments in real-time through DuitNow QR and cross-border payments from Singapore through PayNow QR.

• We are the first bank in Malaysia to facilitate cross-border payment via PayNow QR in Singapore.

Seamless merchant onboarding process

• We partnered with third-party agents to onboard merchants to facilitate their transaction flows by providing omnichannel payment gateways.

Application Programming Interface (API) for credit notification

• Enables businesses to easily reconcile their receivables, a long-standing issue for many companies that struggle with multiple collection methods, such as online transfers, cheques, cash and credit cards.

Paperless trade finance application

• Customers may submit applications and sign digitally followed by uploading supporting documents online via OCBC Velocity.

Digital invoice financing with supply chain platforms

• Engage strategic partnership ecosystems to help buyers & suppliers meet working capital and cash flow objectives with open account financing propositions in addition to streamlining the payment process.

FX online

• Enables customers to view live FX rates and book contracts instantly via our corporate internet banking site.

e-KYC (Electronic Know-Your-Customer)

• OCBC eBiz business account opening for SMEs with e-KYC features to accelerate the account opening process.

Our approach

Our customers are at the heart of everything we do. As we continue to digitalise our banking products and services, enhancing the experience of our customers remains key to our approach.

Featured programmes/initiatives

Easy access to financial updates while preserving the environment

• Going paperless with e-Statements (Electronic Statements) is free & convenient. Most importantly, it is securely delivered to our customers without delay.

• E-statement enrolment initiatives were rolled out in August and October 2021, garnering encouraging response. To date, we have achieved an e-statement penetration of 65%. Conversion efforts are on-going.

Customer service requests now online

• It is our utmost priority to ensure customers have peace of mind when it comes to financing-related matters. Service requests on things like EPF withdrawals, redrawals for capital repayment or requests for security documents can now be submitted digitally anytime, anywhere via the OCBC Bank website, effective September 2021.

Elevating the digital customer experience

• In July 2021, the OCBC eBiz Account was introduced – a business account SMEs can apply for entirely remotely, replete with e-KYC for enhanced onboarding and smoother customer journeys.

• For consumer banking, digitally inclined customers and those who prefer banking on the go can also sign up for our award-winning OCBC Flex Account without the need to visit a branch. This is made possible through our e-KYC capabilities that enable fully remote account opening that comes with the necessary controls and security.

Our approach

We are committed to providing products and services that meet the needs of society. In particular, we are focused on serving individuals across the different stages of their lives:

• Children aged 17 and below may begin their journey in financial savviness with a Young Savers Account.
• Young adults aged 18 and above may be encouraged to stretch their buck through an OCBC Flex Account.
• Working adults with young families or those looking ahead towards retirement planning are supported through products, services and advisory via OCBC Life Goals.

The slowdown of economic activity caused by the Covid-19 pandemic and related emergency measures including movement controls implemented to tackle the health crisis has led to severe difficulties for individuals and businesses in meeting their financial obligations. OCBC is committed to supporting customers in need of financial relief and assistance to safeguard their livelihood and business continuity.

Featured programmes/initiatives

Repayment assistance and relief facilities during Covid-19

• Granted loan repayment assistance to 20,450 individual customers with outstanding loans amounting to RM7.1 billion.

• Provided loan repayment assistance to 5,295 businesses with outstanding loans amounting to RM4.5 billion as at December 2021.

• Disbursed relief facilities amounting to RM820 million to 1,519 companies to provide much needed liquidity in ensuring these viable businesses continue to remain solvent.

• Credit Guarantee Corp Malaysia Bhd (CGC) and OCBC Malaysia crossed the RM2 billion mark in wholesale guarantees (WG) for unsecured small and medium enterprise (SME) financing with the latest tranche of RM610 million in 2021.

Affordable housing loan schemes

The Bank grants financing under:

1. The Special Housing Loan Scheme, for the purchase of property costing up to RM250,000 and RM300,000 in Peninsular Malaysia and East Malaysia respectively; and

2. The My First Home Scheme, to customers with income of not more than RM5,000 and RM4,000 within the Klang Valley and other states, respectively.