OCBC taking digital banking to the next level
Lender investing heavily in technology
“We leveraged on the use of technology to improve our clients’ efficiency, automate processes and increase productivity to strengthen their competitive advantage.” Chong Lee Ying
PETALING JAYA: The shift to digital banking has become evident for not just individuals but businesses as well, spurred by the Covid-19 pandemic.
Like many other banks’, OCBC Bank (M) Bhd is striving to steer its digital banking business to the next level.
Commenting on its digital banking business, OCBC Bank (M) Bhd managing director and head of transaction banking Chong Lee Ying told Starbiz that over half of the bank’s corporate customers now transacted digitally, making it more than a 25% growth rate compared with the prepandemic times.
“Spurred by this, we are investing even more heavily now into technology to ensure our clients are further equipped with greater convenience, safety and security so their businesses can thrive and move forward more smoothly in today’s fastpaced digital era,” she said.
Today, about six out of ten of the bank’s corporate customers log in digitally, while mobile banking customers account for about four in ten.
“Our OCBC Onecollect collection service to promote cashless transactions through QR codes, enabled through a mobile app, has become hugely popular, as has our OCBC Flash low-cost remittance option for optimum business cost savings and greater transparency against conventional cross border payment.
“Other popular solutions that our customers have come to appreciate are our virtual account collection solution to enable better account reconciliation by capturing payer details; the OCBC e-biz Account that can be opened entirely virtually; and OCBC Corporate application programming interface (API) which allows our customers to perform real-time banking activities or transactions related to cash management, trade and treasury services using API calls directly from their own application to facilitate payments or collections.
“There are several more that our customers have readily tapped into including our Business Financial Management via OCBC Velocity, a digital business solution that assists small and medium enterprises (SMES) in their digitisation journey, providing an intuitive cash flow data visual and ready-to-use e-invoicing tool for their sales collection,” she said.
Chong added stepping in to help SMES and corporate clients means providing the necessary tools for them to succeed in the current highly disruptive business landscape, through the use of technology for contactless payment and collection.
“We leveraged on the use of technology to improve our clients’ efficiency, automate processes, and increase productivity to strengthen their competitive advantage,” she said.
OCBC Bank became the first bank to introduce Paynow QR into the Malaysian market in 2020 and extended the service earlier this year to logistics and last-mile delivery companies to address collection and reconciliation issues.