Singapore's OCBC Bank has opened its first e-commerce marketplace, 'mumstruly', offering a suite of products and educational features for mums-to-be and young mothers with small children.
OCBC is launching the new site with the support of six strategic partners and a comprehensive product range, including specialist paediatric or gynaecological services - from a list of 14 doctors and 13 clinics, a lactation televideo series, baby and motherhood products, and relevant financial services.
The move into e-commerce follows the loosening of restrictions by Singapore's Monetary Authority to make it easier for banks to move into non-financial but complementary business areas.
Six months in the making, OCBC analysed data from its own customers and the shopping habits of young families at major department stores to handpick the most relevant products and brands for expectant and new mothers based on their expenditure, especially post-pregnancy.
Dennis Tan, head, consumer financial services Singapore, OCBC Bank, says: “Many say the tech giants are eating our lunch. With mumstruly.com, we intend to wrestle back our share of the pie. OCBC is in the best position to make this work because we understand families, having served this segment as the number one Baby Bonus bank for more than 10 years. Not only that, our award-winning customer experience design and data analytics team played an integral part in formulating solutions for young moms throughout the entire customer journey.”