Kuala Lumpur, 23 September 2020 – OCBC Bank (Malaysia) Bhd has introduced its latest digital banking initiative that offers the mobile generation greater personal control over their finances, namely FRANK by OCBC.
In a statement today, OCBC said the initiative seeks to provide the mobile generation with a fresh way of banking using mobile-only banking options to make banking less rigid whilst removing layered financial jargon and complex processes to make banking even more accessible.
Its head of consumer financial services Lim Wyson said the initiative provides a vital piece of the jigsaw for making banking less restrictive in today’s digital world and will centre entirely on the customer’s mobile phone.
“Bearing in mind that well over 80 per cent of Malaysians use the internet and over 70 per cent reportedly access social media via their mobile devices, the way of the future is clear enough to understand.
“With Malaysia’s high mobile phone usage, known to be among the highest globally and standing well over the global penetration of about 70 per cent, the imperative to provide easier access to banking services has become a lot more pronounced,” he said.
Lim said the first of the initiatives of FRANK by OCBC is a reinvention of the traditional features of Fixed Deposits (FD), with customers now able to enjoy the FD rates they normally see in traditional banking but without the usual penalties and restrictions.
He said that consumers will be able to gain FD rates seamlessly by way of the unique FRANK by OCBC “Save and Spend Pots”.
Here, he said, customers can still benefit from earning higher interest rates while maintaining control over when to spend their money.
The bank will be looking to engage even further with the mobile generation by allowing its customers to manage their finances through a feature called Money InSights which automatically categorises their spending.
In due course, Lim said, the bank will progressively enable consumers to gain from further digital innovations related to other common banking products and services.
Malaysians 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.
“They need only to provide their identity card and place a minimum deposit of RM20 which must be maintained to operate FRANK by OCBC.
“To do so they may download the OCBC Malaysia Mobile Banking app, complete the online application form and then head over to a nearby OCBC branch purely for a biometric verification, the only time they will need to do so for FRANK by OCBC,” it added.
-BERNAMA
