OCBC Bank’s SME customers prefer digital banking solutions

PETALING JAYA: Since its launch in July last year, OCBC Bank (M) Bhd’s fully remote digital current account for small and medium-sized enterprises (SMEs) has more than doubled the openings of branch accounts.

According to Amanda Gan, head of marketing for emerging businesses at OCBC Bank, this is a testament to both the smoothness of the remote digital account opening process for her popular OCBC eBiz account and the willingness of SMEs to embrace the technology as they adapt to the new normal.

“The OCBC eBiz account, coupled with the realities of the Covid-19 pandemic, has prompted our SME customers to realize and recognize that opening and operating a fully remote digital business current account is not only possible but also beneficial.

“The rollout of the digital account opening option came at the most important time – at the height of the pandemic, when SMEs needed fast and accessible ways to open a business checking account.

“We have made this possible through our electronic know-your-customer or eKYC platform, which is supported by CTOS Data Systems Sdn Bhd.

“About a year since we first rolled out the offering, our SMB customers have clearly swallowed it and taken full advantage of what it offers,” she said in a statement.

The OCBC eBiz account is open to SMEs with two or fewer directors or shareholders, representing the bulk of OCBC Bank’s typical existing SME customers.

The account, with a relatively low initial deposit of RM500, comes with free OCBC Velocity commercial internet banking services and access to OCBC Business Mobile Banking. Customers also get a business debit card without having to apply for it separately.

According to Gan, the move to online account opening is part of the bank’s overall strategic digital roadmap to meet the growing needs of SMEs who are looking for digital banking solutions to enable them more while making things faster. also accessible.

“Of course, the pandemic accelerated things a little faster.

“Yet everything was in preparation long before Covid-19 hit.

“We are pleased that our SME customers were able to quickly take care of their urgent matters while ensuring that their current account needs were taken care of.

“It usually takes a few minutes to open an account, and once the application is accepted, we contact the customer to share their account number and internet banking login with them.

“We think SMEs have warmed to the ease of all of this,” she adds.

To apply, SMEs with one or two directors/shareholders must be registered with the Companies Commission Malaysia and owned solely by Malaysians.

They may also need to meet additional eligibility criteria.

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