OCBC Bank SME customers prefer digital banking solutions

SINCE its launch in July last year, OCBC Bank (M) Bhd’s fully remote digital current account for small and medium enterprises (SMES) has outpaced in-branch account openings more than twice over.

According to OCBC Bank head of marketing for emerging business Amanda Gan, this testifies to both the seamlessness of the remote digital account opening process of its popular OCBC ebiz Account as well as SMES’ readiness to embrace 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 realise and recognise that opening and operating a digital business current account entirely remotely are not just possible but also beneficial.

“The rollout of the digital account opening option came when it mattered most – at the height of the pandemic when SMES needed quick and accessible ways to open a business current account.

“We made this possible through our electronic

“Typically, account opening takes minutes. We believe SMES have warmed up to the ease of it all.” Amanda Gan

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 SME customers have clearly lapped it up, and taken full advantage of what it offers,” she says 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 complimentary business Internet banking services OCBC Velocity and access to OCBC Business Mobile Banking. Customers also get a business debit card without needing to apply separately.

According to Gan, the shift to online account opening is part of the bank’s overall strategic digital roadmap to meet the growing needs of SMES looking to digital banking solutions to further enable them while making things more quickly accessible as well.

“Of course, the pandemic spurred things on a bit faster.

“Still, it was all in the works well before Covid-19 hit.

“We are glad our SME customers could quickly move on to attend to their pressing business matters while we ensured their business current account needs were seen to.

“Typically, account opening takes minutes and, after the application is successful, we contact the customer to share with them their account number and login ID for business Internet banking.

“We believe SMES have warmed up to the ease of it all,” she adds.

To apply, the one or two-director/shareholder SMES need to be registered under the Companies Commission of Malaysia and owned by Malaysians only.

They may also need to adhere to additional eligibility criteria.