OCBC's Bold Plan

Source : TODAY, Monday, October 1, 2007

OCBC Embarks On Bold Plan To Rejuvenate Image

Restructures, streamlines processes to provide better service

STAYING ENGAGED: OCBC staff find out more about the bank’s bold transformation plans from innovative boxes given out by the bank’s management ahead of OCBC’s “Stay Curious” campaign.

In a fundamental move to change its business culture and rejuvenate its conservative image, OCBC Bank has embarked on a bold corporate restructuring plan.

The transformation kicked off with a S$5 million corporate campaign last week which spans Singapore and Malaysia.

Called "Stay Curious", the campaign has made its presence felt across the island when the bank released bright red balls of different shapes and sizes in open spaces in the central business district.

The bank has also taken out full-page advertisements in the print media.

New television commercials have also been rolled out and will last till the end of this month — OCBC's first broadcast commercials since 2000.

But the changes go beyond glitzy advertising gimmicks, right down to the way the bank operates, said executive vice-president Teng Soon Lang.

As part of the OCBC's strategic direction "New Horizons II" for the next four years, the bank has realigned its entire organisational structure and streamlined its internal processes to provide a seamless flow for customer service, Mrs Teng said.

For example, the bank has pledged to cut the red-tape and offer hassle-free account opening for corporate customers.

Instead of having to produce multiple documents, potential corporate customers opening an account need only produce their identity cards or passports.

Bank staff will download all the other necessary documents through relevant government agencies such as the Accounting and Corporate Regulatory Authority.

"We make it so easy for customers to do business with us — we just give them a cheque book and tell them they can use it now," Mrs Teng said. "That really required us to build up a whole organisation infrastructure to support our promise."

Other services that the bank has added since last year include the opening of 10 Sunday branches across Singapore.

OCBC will also be investing an additional $150 million in revamping its 89 branches in Malaysia and Singapore over the next year – four branches have been completed so far.

OCBC's spokeswomen Koh Ching Ching said the campaign was aimed at bringing in more customers.

"Our research has shown that those who use our services are very happy with OCBC, but those who don't, don't really know about us", she said.

"So we want to use this campaign to create public excitement and interest in the bank."

Ms Koh added that the results so far have been encouraging, with double the number of business term loan sign-ups year-on-year and a 3-per-cent growth in the bank's customer base in Singapore and Malaysia. - TODAY/ra