OCBC Bank (Malaysia) Berhad (OCBC Bank) was bestowed the Malaysia Customer Experience of the Year – Banking Award at the Asian Experience Awards 2023 by The Asian Business Review.
The recognition underscored the bank's unwavering commitment to deliver exceptional banking experiences amidst the challenges during the recent global pandemic and economic downturns.
Despite the obstacles, Mr Chew Siew Khing, head of transaction banking at OCBC Bank, said the financial institution not only persevered but thrived, achieving impressive transaction banking growth and creating a better experience for its customers.
“We are humbled by this accolade which recognised how our customers caught on to what we were seeking to do for them. By the end of 2022, our working capital solutions gave rise to a 41% growth in Small and Medium Enterprise (SME) transaction banking income, 51% growth in SME cash management income, and noteworthy gains in domestic and foreign currency accounts. Digital transactions increased to 56%.
“Our commitment to digital transformation has become evident from the substantial increase in our mobile banking customers,” he said, adding that OCBC Bank’s innovative offerings and enhancements have further elevated the banking experience for their customers.
The bank, which has been earnestly looking for ways to assist SMEs, sees digital as a key enabler.
“We have fully online onboarding for our digital business account and our customers also have access to FX Online for spot rate bookings, cross-border payments and merchant QR collection through our award winning OCBC OneCollect. With this, it has become known as the all-in-one business account for SMEs. What our merchants have found useful is how the automated onboarding process for OCBC OneCollect has enhanced efficiency in collection and reconciliation, challenges faced by logistics and last-mile delivery companies,” he shared.
To address the changing landscape brought about by ecommerce and the pandemic, OCBC Bank also introduced a fully digital trade financing solution.
This innovative digital invoice financing offering helps SMEs transition to digital banking and access simple working capital financing.
It also offers a flexible facility with a simplified application process, working capital loans, and easy approval that is no longer based purely on traditional financial assessments.
Looking ahead, said Chew, OCBC Bank remains committed to digitalisation and will continue to invest in technology and digital initiatives for its customers.