KUALA LUMPUR – OCBC Bank (Malaysia) Berhad (OCBC Bank) is cementing its thrust into digital banking through an overarching initiative that offers the mobile generation greater personal control over their finances – entirely on their mobile phones.
FRANK by OCBC which was announced yesterday 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.
According to OCBC Bank’s Head of Consumer Financial Services Mr Lim Wyson, 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% of Malaysians use the internet and over 70% 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%, the imperative to provide easier access to banking services has become a lot more pronounced.
“The mobile generation, while still mindful of the need for security and discipline in banking, is looking for a type of flexibility that we believe is both reasonable and implementable. So, our mantra has become ‘Your Money, Your Rules’.
“The first of the initiatives of FRANK by OCBC is a reinvention of the traditional features of Fixed Deposits. Our customers will now be able to enjoy the FD rates they normally see in traditional banking but without the usual penalties and restrictions,” he said.
Mr Lim added that consumers will be able to gain FD rates seamlessly by way of the unique FRANK by OCBC “Save and Spend Pots”. Here, they can still benefit from earning higher interest rates while maintaining control over when to spend their money. Setting up the “Save and Spend Pots” does not require the usual high minimum initial placements of an FD.
FRANK by OCBC comes with the FRANK debit card that seeks to provide greater convenience by enabling contactless payment across 400,000 merchants and access to about 14,000 ATMs nationwide. Additionally there is no foreign exchange mark-up when performing overseas transactions as well as for spending in foreign currency when making online purchases, unlike what is typical of most cards.