OCBC launches Gen Y bank

OCBC launches Gen Y bank

Singapore's OCBC Bank has launched a new banking brand, branch and products specifically targetting Gen Y consumers.

The launch of 'Frank by OCBC' follows 15 months extensive research into the psychology, behaviour and banking needs of young, working adults. It found a general disengagement with traditional banking practices and a need for a more 'edgy' retail experience that caters for the individual's need for self-expression.

OCBC has responded with the launch of two pilot Frank branches at university campuses modelled on the typical retail experience served up to the youth segment by fashion outlets, and gadget shops. Customers are encouraged to take their time to browse, touch and ask questions about their banking needs. The store has been constructed for easy replication as a pop-up in shopping malls frequented by Gen Y consumers.



The bank's products have also been designed with youth in mind, with credit and debit cards coming in a choice of more than 100 youth-oriented designs. Much like mobile ring-tones, customers can change their chosen design at any time for a small fee.

The cards offer discounts and privileges at popular online retailers and fashion blog shops and provide bigger discounts for group purchases.

Current accounts, meanwhile, offer the ability for customers to create sub-accounts - or 'savings jars' - for channelling savings to achieve different financial goals.

Social media channels have also been tapped for the online Frank banking experience, with a simple user interface and connected Facebook features promoted heavily.

Comments: (1)

A Finextra member
A Finextra member 13 June, 2011, 02:221 like 1 like

Targeting Gen Y-ers

 

OCBC has its finger on the pulse for reaching Gen Y-ers; they understand that traditional banking practices currently fall short of meeting that ‘edgy’ retail experience.

 

So how can banks attract and engage with a new generation of customers? By enhancing the customer experience.  Regardless of being a Gen Y-er or traditional banking customer, consumers want a consistently valuable experience across all channels and the duration of their relationship.

 

Banks should be providing customers with a range of channel options e.g. mobile, branch and internet banking, which meet their unique needs. They need to invest the appropriate time and develop the right products for the right customers.

 

It’s time for banks to step up and take action. If they want to grow and retain a loyal customer base, they have to deliver a consistently superior experience that establishes an emotional connection with the customer, making them more likely to stay.

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