OCBC Bank (Malaysia) Berhad (OCBC Bank) was awarded the Malaysia Customer Experience of the Year – Banking Award at the Asian Experience Awards 2023 by The Asian Business Review.
The acknowledgment emphasizes the bank’s dedication to providing exceptional banking experiences despite the difficulties faced during the recent global pandemic and economic downturns.
Mr Chew Siew Khing, head of transaction banking at OCBC Bank, stated that the financial institution not only persevered but thrived, achieving remarkable growth in transaction banking and enhancing the customer experience.
“We are grateful for this recognition, which acknowledges how our customers embraced the improvements we made for them. By the end of 2022, our working capital solutions contributed to a 41% increase in Small and Medium Enterprise (SME) transaction banking income, a 51% growth in SME cash management income, and significant gains in domestic and foreign currency accounts. Digital transactions rose to 56%.
“Our commitment to digital transformation is evident from the substantial increase in our mobile banking customers,” he said, adding that the innovative offerings and enhancements from OCBC Bank have further elevated the banking experience for their customers.
Chew said the accolade acknowledges OCBC Bank’s customers’ strong alignment with the bank’s mission to support their needs.
The bank, which has been actively seeking ways to assist SMEs, considers digital technology as a crucial enabler.
“We offer 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. This has made it known as the all-in-one business account for SMEs. Merchants have found the automated onboarding process for OCBC OneCollect particularly useful in enhancing efficiency in collection and reconciliation, addressing challenges faced by logistics and last-mile delivery companies,” he shared.
To address the evolving landscape brought about by e-commerce and the pandemic, OCBC Bank has 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 provides a flexible facility with a simplified application process, working capital loans, and easy approval that is no longer solely based on conventional financial assessments.
Looking ahead, Chew stated that OCBC Bank remains committed to digitalization and will continue to invest in technology and digital initiatives for its customers.
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