ABSTRACT
This chapter explores how OCBC Bank overcame these challenges and achieved success in digital banking. To address this challenge, OCBC Bank invested in education and its outreach efforts to help customers understand the benefits of digital banking services and the adopted security measures to protect their accounts. Some of the common challenges for banks in developing a modern infrastructure for digital banking include legacy systems, data silos, regulatory compliance, skills gap, and vendor management. The Monetary Authority of Singapore is the main financial regulator and the Central Bank in Singapore oversees such regulatory compliance. To compete effectively, OCBC Bank focused on offering a differentiated value proposition, including the provision of a wide range of digital banking services, seamless user experiences, and exceptional customer service. Subsequently, the bank achieved a 40% increase in digital customers and a 35% increase in mobile banking transactions in 2019.
