Banking

OCBC launches new brand campaign, Simply Spot On

SINGAPORE (Oct 29): Overseas-Chinese Banking Corporation (OCBC) today a new brand promise campaign with the tagline Simply Spot On, to be rolled out over three months using an integrated multi-channel communication strategy.  

The move comes after previous customer-centric brand campaigns like Stay True and Stay Curious. Ask OCBC, which were launched in 2017 and 2007, respectively.

Singaporeans love their banks but remains wary of other asset managers, finds survey

SINGAPORE (Sept 20): While a majority of Singaporeans view the city state’s financial services sector as more trustworthy than a decade ago, many are cautious towards less familiar sub-industries and new & emerging digital financial services companies.

This is according to the inaugural 2018 Financial Services Reputation Index, launched today by MHP Communications and ORC International, which surveyed over 4,000 adults across China, Hong Kong, India and Singapore in August this year.

Are we headed for another recession?

SINGAPORE (Sept 7): The outcome of the Global Financial Crisis (GFC) has altered the business and economic landscape — for better or worse.

First, tighter regulations in the financial services industry were introduced in the US, including the Dodd-Frank Wall Street Reform and Consumer Protection Act enacted in 2010. Globally, including in Singapore, Basel III required banks to have higher capital and liquidity requirements.

The GFC’s warning signs had been missed by the financial markets community, from economists to bankers and analysts.

Millennials the most savings-savvy generation in Singapore, finds UOB study

SINGAPORE (July 18): Singapore's millennials are outpacing their Generation X (Gen X) and baby boomer peers when it comes to growing their savings, according to United Overseas Bank’s (UOB) transaction patterns of its flagship UOB One Account holders. 

From mid-2015 to mid-2018, it was found that the average account balance for millennials grew 31% per annum to $27,000 – a trend which UOB says is supported by research conducted by Visa’s Millennials Study 2016, which indicated the generation is more focused on saving and investing compared to others.

StanChart said to plan Asia split into Singapore, Hong Kong hubs

LONDON (June 6): Standard Chartered Plc plans to create two new hubs for its Asian operations in Singapore and Hong Kong to simplify the emerging market lender’s extensive network and reduce costs, people familiar with the plan said.

Customers can now open OCBC 360 Account via bank's website

SINGAPORE (June 5): All Singaporeans and permanent residents (PRs) can now open an OCBC 360 Account via the bank’s website, without the need to visit a bank branch or provide documents, says OCBC Bank.

This is because the new account can be opened using the national data repository MyInfo to pre-fill an online OCBC 360 Account application form with personal details, while further verification and authentication is conducted in real time using OCBC’s real-time digital know-your-customer process (e-KYC).

DBS launches online remittance service for non-banking customers

SINGAPORE (Apr 12): DBS Bank has announced the launch of SmartSend, an online remittance service that allows non-DBS customers to make same-day money transfers to eight markets around the world, namely: Australia, Hong Kong, India, Indonesia, Malaysia, Philippines, UK and the US.

See: DBS Smartsend

DBS vies for open electricity market pie with launch of DBS Electricity Marketplace

SINGAPORE (Mar 20): DBS on Tuesday launched the DBS Electricity Marketplace, an online service which allows all households in Jurong, namely those with postal codes 60 to 64, to seamlessly switch to other electricity retailers beginning with two options, iSwitch, a subsidiary of RCMA Group, and Keppel Corp's Keppel Electric.

Effective engagement is key for banks to retain customers, finds survey

SINGAPORE (Mar 15): Two-fifths (40%) of local retail banking customers in Singapore are ready to stop or cancel their services with a bank on the grounds of poor customer engagement, according to a recent study commissioned by customer experience & call centre tech provider Genesys.

The online survey, carried out by business consulting firm Frost & Sullivan among 500 customers across six leading banks in Singapore in 2Q17, focused on identifying underlying customer engagement trends in the Singapore retail banking landscape.

Hong Leong Asia's FY17 losses narrow to $66.5 mil on higher sales and other income

SINGAPORE (Feb 28): Hong Leong Asia reported FY17 losses of $66.5 million, 6.7% smaller than the net loss of $71.3 million a year ago.

The full-year net loss included an impairment of $24.9 million related to the restructuring exercise of its Xinfei consumer products unit.

Revenue grew 8.1% to $4 billion mainly due to higher sales recorded by its engine-manufacturing unit China Yuchai International.

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