OCBC Moves Wealth Advisory Online
(10 June 2020 – Singapore) OCBC has seen a positive response from its customers to non-face-to-face wealth conversations. The bank’s virtual wealth advisory service, launched in April amid the “circuit breaker” period, saw a 45 percent increase in the sale in the first 10 days, compared to the prior 10 days.
The highly regulated wealth advisory process was previously a “complex face-to-face process” involving more than 50 pages of documents and a comprehensive financial needs analysis (FNA).
The Bank now uses an encrypted video conferencing tool to ensure customers' privacy. E-signatures are accepted instead of paper signatures; PDF copies of FNA forms, product summary and term sheets, and product application forms are sent by encrypted email in place of paper documents.
The range of wealth products sold via this online platform includes unit trusts, bancassurance products, structured investments, bonds and foreign exchange products. OCBC previously stated it is rethinking its branch network strategy as adoption of digital banking services rises amid coronavirus pandemic.
"While many customers are still accustomed to face-to-face interactions with our bankers, even after the Covid-19 outbreak, this virtual process will become a new normal," said OCBC head of consumer financial services Sunny Quek.
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