OCBC has rolled out an annual review process for financial planning, addressing customer demand for longer-term financial planning conversations beyond one-off product purchases.
Bank customers often point to the disruption faced in their financial planning journey when their banker moves to another role or leaves the bank. Hence, OCBC decided to address this pain point by being the first bank in Singapore to make financial portfolio reviews an annual affair amongst its customers.
«The OCBC Life Goals programme has addressed this pain point. Like doctors in clinics, our frontline employees need only pull up the customer’s financial planning history to understand their circumstances better and can then spend the session more productively gathering new information to find appropriate solutions,» said Dennis Tan, head of consumer financial services Singapore at OCBC Bank in a media statement.
For Customers Without Dedicated RM
The annual review process is targeted at customers who are too busy to review their financial portfolios on a regular basis, and do not belong to the segment of affluent customers who may have dedicated relationship managers (RMs) to manage their portfolios.
SMS review alerts will be sent one year after the financial plans are drawn up. So far, about 8,000 customers have used the OCBC Life Goals since it was launched in November 2017. Of these, more than half are personal banking customers with assets under management of below S$200,000.
