<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Babies or babes, OCBC wants them all
</TR><!-- headline one : end --><TR>Bank aims to attract savers from all walks of life and of all ages </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Gabriel Chen
</TD></TR><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
</TD><TD vAlign=bottom>
Mr Lee (third from right), with fellow OCBC heads (from left) Ms Lynn Gaspar, lifestyle credit; MsNg Li Lian, marketing services; Mr Gregory Chan, consumer secured lending; Mr Nicholas Tan, global wealth management; and Ms Phang Lah Hwa, branch banking. -- ST PHOTO: BRYAN VAN DER BEEK
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->OCBC hopes to become the bank that customers turn to first for their daily banking needs, and it is prepared to pump in money and resources - even through the downturn - to achieve this objective.
In particular, it wants to be the bank that youngsters turn to first.
Of course, there is also the 'smart money' which every bank wants a piece of, explains OCBC's head of global consumer financial services, Mr Andrew Lee, in his first major interview since taking on the job four years ago.
This refers to savvier customers who are actively investing and looking for that next money-making idea.
'But that's 5 per cent of the market,' says Mr Lee. 'In the spectrum of risk and reward, we've always deliberately positioned ourselves in a more balanced sense, not just for the smart money, but for the 95 per cent.'
OCBC recently clinched The Asian Banker's award for best retail bank in Singapore this year, in recognition of its recent initiatives in the highly competitive retail banking landscape.
The bank was the first to introduce full-service banking on Sundays in 2006. Standard Chartered Bank (StanChart) has since followed suit.
OCBC has also popularised supermarket banking in Singapore, teaming up with NTUC FairPrice to launch co-branded deposit accounts.
In 2006, it was the first to launch mobile phone banking and remains a market leader today as the only bank here to have dedicated mobile banking applications on the Apple iPhone and BlackBerry.
Mr Lee is unperturbed by the high costs of running these initiatives, even in this current economic climate where companies are seeking ways to cut costs.
'Banking is really about taking the time to understand what customers want and investing significant resources in service improvements that matter to them,' he says.
'Do that well and you will ensure consistent long-term earnings for the bank.
'What we earned this year is principally due to what we invested in three to five years ago.'
In the same way, he hopes that the bank's recent push into kids' banking will pay off over the long term.
In 2007, it launched its Mighty Savers programme with cartoon mascots Simon and Sally, marking the bank's entry into 'school banking', a segment popularised by rival POSB in the 1970s and 1980s.
The bank has even commissioned a cartoon series based on the mascots, which airs on local television.
Last year, the bank also won the bid to manage the Government's baby bonus scheme, together with StanChart.
The scheme, estimated to be worth $400 million in total, is meant to encourage couples to have children.
It involves the Government matching the contributions put in by parents in a bank account. Money from the account can only be used to pay for the child's development and education.
'In banking, we talk about providing service from cradle to grave,' says the father of two.
'Well, cradle is everything. Every year, 93 per cent of babies, or 37,200 a year, choose us. In 10 years, we'll be a very different bank.'
Mr Lee says he is convinced that growth in the banking sector is not about skyrocketing sales or fees earned from selling complicated investment products.
'It's not simply about winning the hearts and pockets of experienced investors,' says the 57-year-old career banker who spent 20 years at StanChart before moving to OCBC.
'What local banks like OCBC should do is play to their strengths, which is to tap on the strength of their wide base of customers.
'And that means providing good service for bread-and-butter banking products like loans and deposits.'
Asked about the fact that banks in Singapore are tightening credit to borrowers, Mr Lee says customers who are facing problems should talk to their bankers.
'Someone buys a house two years ago and the price has fallen by more than 20 per cent. Should the bank still lend him money based on the old price of the house?'
The answer, says Mr Lee, is 'it depends'. If he is an investor who has bought many houses, then the bank will be more circumspect.
But if he is a genuine buyer who is going to live in the house with his family, the bank will take a different view.
'We really have no desire of tripping people up,' says Mr Lee.
'Come and talk to us. All we ask is that if you're stuck, alert us early.'
He adds that the bank is committed to lending throughout the downturn. In the long term, it wants to be relevant 'for every segment of the community', including the man in the street.
The famously reticent banker is proud that the bank has strengthened its presence in the consumer banking market.
'Six to seven years ago, OCBC was never on anyone's radar as a player. Today, we can even form an alumni, we export people,' he says.
[email protected]
<HR width="50%" SIZE=1>
Its many credits
INTRODUCED full-service banking on Sundays in 2006, the first here to do so.
First to launch mobile phone banking, allowing a range of services, including third-party fund transfers, bill payments and real-time remittances.
Launched Mighty Savers programme in 2007 with cartoon mascots Simon and Sally, marking the bank's entry into 'school banking', a segment popularised by POSB in the 1970s and 1980s.
Introduced supermarket banking through a partnership with NTUC FairPrice in 2007. Customers have access to banking services via ATMs in FairPrice outlets.
Appointed last year, along with StanChart, to manage the nation's Baby Bonus scheme, a programme estimated to be worth $400 million in total.
Extended its mobile banking services to more phones, including the iPhone.
Clinched award for The Asian Banker's best retail bank in Singapore this year.
</TR><!-- headline one : end --><TR>Bank aims to attract savers from all walks of life and of all ages </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Gabriel Chen
</TD></TR><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
Mr Lee (third from right), with fellow OCBC heads (from left) Ms Lynn Gaspar, lifestyle credit; MsNg Li Lian, marketing services; Mr Gregory Chan, consumer secured lending; Mr Nicholas Tan, global wealth management; and Ms Phang Lah Hwa, branch banking. -- ST PHOTO: BRYAN VAN DER BEEK
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->OCBC hopes to become the bank that customers turn to first for their daily banking needs, and it is prepared to pump in money and resources - even through the downturn - to achieve this objective.
In particular, it wants to be the bank that youngsters turn to first.
Of course, there is also the 'smart money' which every bank wants a piece of, explains OCBC's head of global consumer financial services, Mr Andrew Lee, in his first major interview since taking on the job four years ago.
This refers to savvier customers who are actively investing and looking for that next money-making idea.
'But that's 5 per cent of the market,' says Mr Lee. 'In the spectrum of risk and reward, we've always deliberately positioned ourselves in a more balanced sense, not just for the smart money, but for the 95 per cent.'
OCBC recently clinched The Asian Banker's award for best retail bank in Singapore this year, in recognition of its recent initiatives in the highly competitive retail banking landscape.
The bank was the first to introduce full-service banking on Sundays in 2006. Standard Chartered Bank (StanChart) has since followed suit.
OCBC has also popularised supermarket banking in Singapore, teaming up with NTUC FairPrice to launch co-branded deposit accounts.
In 2006, it was the first to launch mobile phone banking and remains a market leader today as the only bank here to have dedicated mobile banking applications on the Apple iPhone and BlackBerry.
Mr Lee is unperturbed by the high costs of running these initiatives, even in this current economic climate where companies are seeking ways to cut costs.
'Banking is really about taking the time to understand what customers want and investing significant resources in service improvements that matter to them,' he says.
'Do that well and you will ensure consistent long-term earnings for the bank.
'What we earned this year is principally due to what we invested in three to five years ago.'
In the same way, he hopes that the bank's recent push into kids' banking will pay off over the long term.
In 2007, it launched its Mighty Savers programme with cartoon mascots Simon and Sally, marking the bank's entry into 'school banking', a segment popularised by rival POSB in the 1970s and 1980s.
The bank has even commissioned a cartoon series based on the mascots, which airs on local television.
Last year, the bank also won the bid to manage the Government's baby bonus scheme, together with StanChart.
The scheme, estimated to be worth $400 million in total, is meant to encourage couples to have children.
It involves the Government matching the contributions put in by parents in a bank account. Money from the account can only be used to pay for the child's development and education.
'In banking, we talk about providing service from cradle to grave,' says the father of two.
'Well, cradle is everything. Every year, 93 per cent of babies, or 37,200 a year, choose us. In 10 years, we'll be a very different bank.'
Mr Lee says he is convinced that growth in the banking sector is not about skyrocketing sales or fees earned from selling complicated investment products.
'It's not simply about winning the hearts and pockets of experienced investors,' says the 57-year-old career banker who spent 20 years at StanChart before moving to OCBC.
'What local banks like OCBC should do is play to their strengths, which is to tap on the strength of their wide base of customers.
'And that means providing good service for bread-and-butter banking products like loans and deposits.'
Asked about the fact that banks in Singapore are tightening credit to borrowers, Mr Lee says customers who are facing problems should talk to their bankers.
'Someone buys a house two years ago and the price has fallen by more than 20 per cent. Should the bank still lend him money based on the old price of the house?'
The answer, says Mr Lee, is 'it depends'. If he is an investor who has bought many houses, then the bank will be more circumspect.
But if he is a genuine buyer who is going to live in the house with his family, the bank will take a different view.
'We really have no desire of tripping people up,' says Mr Lee.
'Come and talk to us. All we ask is that if you're stuck, alert us early.'
He adds that the bank is committed to lending throughout the downturn. In the long term, it wants to be relevant 'for every segment of the community', including the man in the street.
The famously reticent banker is proud that the bank has strengthened its presence in the consumer banking market.
'Six to seven years ago, OCBC was never on anyone's radar as a player. Today, we can even form an alumni, we export people,' he says.
[email protected]
<HR width="50%" SIZE=1>
Its many credits
INTRODUCED full-service banking on Sundays in 2006, the first here to do so.
First to launch mobile phone banking, allowing a range of services, including third-party fund transfers, bill payments and real-time remittances.
Launched Mighty Savers programme in 2007 with cartoon mascots Simon and Sally, marking the bank's entry into 'school banking', a segment popularised by POSB in the 1970s and 1980s.
Introduced supermarket banking through a partnership with NTUC FairPrice in 2007. Customers have access to banking services via ATMs in FairPrice outlets.
Appointed last year, along with StanChart, to manage the nation's Baby Bonus scheme, a programme estimated to be worth $400 million in total.
Extended its mobile banking services to more phones, including the iPhone.
Clinched award for The Asian Banker's best retail bank in Singapore this year.
