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Frank by Ocbc: The Future of Consumer Banking To Millennials

The document discusses solutions to improve millennials' understanding of financial terms at FRANK by OCBC bank. It found most cardholders did not understand fees, interest rates, and annual fees. It recommends combining simplified communications and online coaching to address the problem. The summary provides an overview of the key information and recommendations from the document in 3 sentences.

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Ajay Aeri
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203 views13 pages

Frank by Ocbc: The Future of Consumer Banking To Millennials

The document discusses solutions to improve millennials' understanding of financial terms at FRANK by OCBC bank. It found most cardholders did not understand fees, interest rates, and annual fees. It recommends combining simplified communications and online coaching to address the problem. The summary provides an overview of the key information and recommendations from the document in 3 sentences.

Uploaded by

Ajay Aeri
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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FRANK BY OCBC

The future of consumer banking to millennials


ANIRUDH, AJAY, AMRIT, BHUVAN, MANMEET

2023-04-14 RED RIVER COLLEGE POLYTECHNIC


Agenda
 Business Introduction
 Current Situation
 Situation Analysis
 Primary Problem
 Alternative Solutions
 Recommendation
 Conclusion
 Questions
2023-04-14 RED RIVER COLLEGE POLYTECHNIC 2
Business Introduction
 Business Name- FRANK by OCBC (OVERSEA CHINESE
BANKING CORPORATION LIMITED )
 About the Business – provides a range of banking services,
including saving account, credit cards, personal loans and
insurance products, online banking system
 Location- Singapore
 Target Customer Segments- Younger generation/ Millennials

2023-04-14 RED RIVER COLLEGE POLYTECHNIC 3


Current Situation
Increase in complexity
Growing competitiveness
Technological advancement
Shifting market trends
Client Retention

2023-04-14 RED RIVER COLLEGE POLYTECHNIC 4


SWOT Analysis
 Strengths: Place high emphasis on user centric decision
thinking, financial literacy content and digital tools,
highly digitally savvy, strong brand identity with core
values
 Weakness: may limit its target demographic and
growth possibilities, experience difficulties in keeping
up with the continually changing demands , issues
about cybersecurity

2023-04-14 RED RIVER COLLEGE POLYTECHNIC 5


Opportunities: increasing demand for investment and
insurance products among young, expand into new
markets, alliances and partnerships with other
companies
Threats: The advent of new fintech firms and digital
banks, increased competition and market saturation,
Changes in government legislation and practises

2023-04-14 RED RIVER COLLEGE 6


Primary Problem
 “A key survey finding was that majority of cardholders did not
understand the financial jargon and complexities of card transactions,
such as foreign currencies and transaction fees, as well as interest
rates and annual fee.”
A survey done by OCBC Bank found that the majority of cardholders are
unfamiliar with following:
 Foreign currency and transaction fee
 Interest rate
 Annual fee

2023-04-14 RED RIVER COLLEGE POLYTECHNIC 7


Alternative Solution 1
 Solution: Provide educational resources
 Strengths of the solution: Improves financial
literacy, build trust and loyalty, cost effective
 Weakness of the solution: Limited effectiveness,
time consuming, engagement

2023-04-14 RED RIVER COLLEGE POLYTECHNIC 8


Alternative Solution 2
 Simplify communication
 Strengths of the solution: Improves clarity,
enhance customer satisfaction, cost effective
 Weakness of the solution: legal requirements,
linguistic barriers, ambiguity

2023-04-14 RED RIVER COLLEGE POLYTECHNIC 9


Alternative Solution 3
 Solution: Offer online coaching for financial
transactions
 Strengths of the solution: Personalized service,
improved customer loyalty, address the root
cause
 Weakness of the solution: Security risks, Technical
issues, restricted scope

2023-04-14 RED RIVER COLLEGE POLYTECHNIC 10


Recommendation
 A combination of solution 2 and 3 is recommended
 Reason and justification

2023-04-14 RED RIVER COLLEGE POLYTECHNIC 11


Conclusion

2023-04-14 RED RIVER COLLEGE POLYTECHNIC 12


Questions

2023-04-14 RED RIVER COLLEGE POLYTECHNIC 13

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