The mobile-only FRANK by OCBC Bank marks the bank’s first major foray into digitiszing banking products and services for consumers, providing greater control over personal finances and removing traditional banking restrictions
TODAY’S digital age has birthed the mobile generation – those who instantly gravitate toward digital and online offerings with their always on-hand gadgets, but also expect accessibility and speed at their fingertips.
This inherent need for convenience extends also to personal banking, where people want to command control over their banking needs at just a touch of the screen, be it to execute transactions online, or to set up savings plans.
It is, therefore not surprising that the banking industry has also quickly shifted gears to meet this rising demand.
FRANK by OCBC Bank is a competitive, forward-looking banking proposition that offers greater ease without sacrificing the level of service expected from a traditional brick and mortar bank. It provides a fresh mobile-only take on both meeting and executing financial services, axing financial jargons and streamlining processes to make banking even more accessible to today’s audience.
According to OCBC Bank Consumer Financial Services head, Lim Wyson, the initiative is a vital piece of the puzzle in enabling simplification of banking as a whole, and that it will centre entirely on the customer’s mobile phone.
FRANK is dynamic and seeks to offer users an entirely new banking experience, compounded with benefits they wouldn’t normally get from a traditional bank account.
Lim explains, “The first of the initiatives is a reinvention of the traditional features of Fixed Deposits (FD). Our customers will now be able to enjoy the FD rates they normally see in traditional banking but without the usual penalties and restrictions.”
Lim added that consumers would be able to enjoy this seamlessly by way of the unique FRANK “Save and Spend Pots”.
“This feature ultimately gives customers more control to determine the amount they want to save on any given day, with the added flexibility to use the funds when needed without being penalised, ” he said
This is especially ideal today, where economic uncertainty is rife due to the pandemic.
With no lock-in period or withdrawal penalty, you can adjust the amount in your Save Pot at any time without incurring any penalties.
FRANK’s Save and Spend Pots are unique – they allow you to set aside money for your daily savings and for expenditure. The funds parked in your Save Pot earn a rate which is bonus interest on top of your base interest rate (which comparable to the typical FD board rate), while money set aside in your Spend Pot serves to finance your daily expenditure, allowing you to better manage and track your spending. With no lock-in period, you can adjust the funds between your Save and Spend Pots at any time, and not worry about penalties.
FRANK also hosts a feature called Money In$ights, which makes tracking your expenses that much easier as it automatically categorises your spending for you. You can even compare how well you manage your money against others through People Like You, which draws comparisons based on your save and spend behaviour.
To top it off, FRANK comes with the FRANK Debit Card that offers 0% foreign exchange mark-up when used for overseas transactions, as well as when making online purchases in foreign currencies. It also offers cardholders greater convenience by enabling contactless payment across 400,000 merchants and access to over 14,000 ATMs nationwide.
“The icing on the FRANK cake is minimal caveats or restrictions for gaining attractive returns, on top of full control over how you want to manage your money,” Lim said.
Malaysian citizens who are at least 18 years of age and fulfil the requirements set out in its terms and conditions may apply for FRANK by OCBC. You need only provide your identity card and place a minimum starting deposit of RM20.
To do so, download the OCBC Malaysia Mobile Banking app, complete the online application form and head over to the nearest OCBC branch for biometric verification. Incidentally, this will be the one and only time you will ever need to do so for FRANK by OCBC.
For full details, visit www.frankbyocbc.com.my today.
