OCBC enhances corporate cash management through competitive features

Customers are increasingly turning to digital solutions when choosing financial service providers. Banking customers now expect unprecedented levels of convenience, seamless experience, engaging interfaces, and robust security. This shift is especially pronounced for small and medium-sized enterprises (SMEs) who must adapt to a dynamic business environment while also managing their day-to-day financial operations effectively.

OCBC, one of Asia’s leading financial institutions, has responded to these challenges by putting innovation at the forefront of its digital banking strategy. Recognising the critical need for a more intuitive, personalised, and secure customer experience, the bank has significantly expanded its digital offerings through two key channels: OCBC Velocity, its comprehensive digital business banking platform, and the OCBC Business App, designed for banking on-the-go.

Streamlining business banking operations

The bank’s approach to innovation began with a thorough understanding of customers’ pain points. Following extensive research and customer feedback, OCBC identified several key areas for improvement. One significant improvement was the addition of self-service capabilities that allow customers to digitally update contact information, business names, and addresses. This seemingly simple feature eliminated the need for lengthy paper forms, saving time and reducing administrative hassle for businesses.

Another major issue addressed was the complicated transaction approval process. OCBC streamlined this by digitally storing authorisation mandates in a clear and structured format. This innovation relieved customers of the burden of remembering complex authorisation levels or repeatedly contacting the bank to confirm setup details. The result is a more efficient, error-free approval process that improves security and convenience.

For businesses with regional operations, OCBC went above and beyond by incorporating a regional dashboard with a single sign-on function. This feature allows for easy access to accounts in different markets, eliminating the need for multiple logins and logouts. The consolidated view provides a comprehensive overview of portfolio and transaction history across all accounts, allowing business owners and financial managers to quickly assess their financial position and meet their working capital needs more efficiently.

Recognising the unique needs of customers doing business in China, OCBC launched its app on the Huawei AppGallery. This strategic move ensures accessibility even within China’s unique digital ecosystem, demonstrating OCBC’s commitment to serving customers in multiple markets.

Improving security and payment solutions

As the digital banking landscape grows, so does the risk of online fraud. In Asia Pacific alone, losses from online payment fraud are expected to exceed $200 billion in 2024. In response to this growing threat, OCBC has implemented strong security measures to protect its customers.

The bank established a comprehensive database of known scammers and blacklisted payees engaged in suspicious activities. This proactive approach effectively prevents fraudulent transactions by prohibiting blacklisted payees from accepting funds from OCBC customers.

Furthermore, the OCBC Business App includes advanced security features that detect unauthorised access attempts. These include identifying sideloaded or unofficial apps and detecting active remote screen sharing, all with the goal of protecting users’ sensitive information and preventing unauthorised account access.

OCBC’s digital business and mobile banking initiatives have produced significant and measurable outcomes. By the end of 2023, 85% of Singaporean, 67% of Malaysian, and 40% of Hong Kong OCBC business customers had used OCBC Velocity for daily operational needs and digital transactions. These figures underscore the growing acceptance and reliance on digital banking solutions among businesses in the region.

OneCollect eases pain points for small businesses and merchants

With the introduction of OneCollect, OCBC has expanded its offerings beyond traditional banking services to include innovative payment collection solutions. This digital merchant solution, available as a mobile app, enables businesses, particularly those in the food and beverage, and retail sectors to accept contactless payments via QR codes.

OneCollect stands out in the market by accepting a variety of payment methods, including popular international digital wallets such as WeChat Pay and UnionPay. This versatility makes it an appealing option for businesses that cater to both local and international tourists, especially as travel resumed after the COVID-19 pandemic.

OneCollect also meets the needs of cash-strapped businesses with limited budgets for establishing traditional point-of-sale terminal infrastructure. Don Tay, OCBC’s head of regional sales for global transaction banking, explains that not every merchant has the resources. He said: “We designed this solution to be fit for purpose, ensuring that the app can really cater to the needs of the business.”

Don Tay, Head of Regional Sales for Global Transaction Banking at OCBC

The OneCollect solution has proven especially useful for smaller businesses, providing a low-cost, scalable payment collection system without the need for complex infrastructure. Its competitive pricing structure makes it an appealing alternative to traditional payment options.

OCBC’s success in digital banking innovation is due to its collaborative and customer-centric approach. Cassie Ng, head of cash product management at OCBC said: “We take a deliberate approach when it comes to solutioning by working closely with our customer experience teams, product teams, and institutional teams to deep-dive into the user journeys. We also take in feedback from customers and continue to improve upon the designs with each iteration.”

Cassie Ng, Head of Cash Product Management at OCBC

OCBC’s commitment to innovation positions it as a market leader in providing seamless, secure, and efficient digital banking solutions to businesses of all sizes. By emphasising flexibility, accessibility, enhanced functionality, and robust security, OCBC has built a comprehensive digital banking ecosystem that meets the changing needs of modern businesses that prioritise digital solutions in their financial operations.