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Customer-centric approach starting to pay off for this bank

Ko Ding Wei
Ko Ding Wei5/15/2017 01:46 PM GMT+08  • 1 min read
Customer-centric approach starting to pay off for this bank
SINGAPORE (May 15): Maybank Kim Eng is maintaining its “hold” call on OCBC bank with a target price of $9.85 after the latter’s customer-centric approach is starting to show results.
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SINGAPORE (May 15): Maybank Kim Eng is maintaining its “hold” call on OCBC bank with a target price of $9.85 after the latter’s customer-centric approach is starting to show results.

In 2015, OCBC Bank changed its approach from product-centric to customer-centric. Eighteen months ago, 20% of sales came from the goal-based advisory process, now 36% of sales come from OCBC Life Goals, which is a customised programme to help customers reach their financial goals for retirement, children’s education, and wealth transfer. In the next 12-18 months, 50% of sales is expected to come from this process.

“We believe OCBC’s wealth platform is well-positioned for cross-selling efforts and product tie-ups across its franchise,” says analyst Ng Li Hiang in a Monday report. “ For example, some Bank of Singapore’s (OCBC’s private banking arm) products could also flow to the bank’s premier and consumer banking segments.”

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