OCBC rethinks branch strategy as digital banking surges amid COVID-19

Tuesday 19 May 2020 08:27 CET | News

OCBC Bank has experienced permanent diverted branch traffic as digital banking became the preferred choice amid the pandemic. 

With 22 of its 46 branches temporarily shut to comply with safe distancing measures here, the bank recorded a surge in digital transaction volumes in services such as online trading, loan applications and PayNow transactions in the first quarter of 2020.

Against this backdrop, OCBC will continue to invest in technology and digitalisation efforts in the areas of customer interaction, customer experience, internal processing and infrastructure. The bank expects the increased adoption of digital services to translate into higher net operating profit in the longer term, as a result of reduced manpower costs and fewer physical branches and offices being open in future.

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Keywords: OCBC Bank, digital banking, COVID-19, branch traffic, digital transaction, online trading, loan applications, PayNow, digitalisation
Categories: Banking & Fintech
Countries: Singapore
This article is part of category

Banking & Fintech