SINGAPORE (June 14): Going digital is driving significant value creation for Oversea-Chinese Banking Corp, especially in its consumer business.
According to the bank, 45% of its retail customers are digitally active, with 85% of financial transactions by retail customers done via digital channels and wealth management products are increasingly being purchased through digital channels.
“Digital customers are more profitable and engaged — both profitability and product holdings are relatively higher by 1.6 times,” a spokeswoman for OCBC says. That’s because efficiencies and cost-savings from technology are particularly useful for consumer banking, where account sizes are small. And, digital customers now account for about 63% of OCBC’s consumer banking revenue... (Click here to read the full story)