• FRANK by OCBC ranks #2 on our APAC’s top 10 retail neobanks to ace CX.

FRANK by OCBC Company Profile

FRANK by OCBC 8-point customer experience framework analysis

Top customer experience initiatives

#1 Investment Automation

FRANK gives space for hands-free investment automation with RoboAdvisory, powered by WEINVEST, an end-to-end digital wealth platform. Neobanks use the plug-and-play online platform to offer more investment options to their retail customer base.

With OCBC RoboInvest, customers get:

• 34 thematic portfolios, 6 markets, to suit any risk appetite
• Updates on portfolio rebalancing opportunities with market changes to maximise returns
• Access to investments anytime with Digital Banking

#2 Customisable cards

FRANK gives its customers 60 stylish card designs to pick from. With photos of everything from superheroes to cute kittens, the cards sport more than just hip, bold imagery. We believe many youngsters in Singapore will head to FRANK – to get these cards, simply. (Figure 1)

The last six digitals of the card number are customisable too. Anyone who signs up for FRANK Debit and Credit cards can enjoy privileges and discounts at popular online retailers and fashion blog spots.

Figure 1: Customisable cards offered by FRANK

#3 Marketplace integration

• Supports digital wallets
• Offers cashback on shopping and online payments
• Allows account aggregation with a financial overview
• Partnerships with various third-party providers and e-commerce and investment providers to build an omnichannel banking journey for its customers

#4 FRANK stores

“Customers were telling us banks are boring! They can’t relate to them. These young people’s feedback is important, and we’re going to change the entire engagement model to reach out to them.” – Dennis Tan, OCBC Singapore’s head of consumer financial services.

Figure 2: FRANK has created self-service kiosks at fast-moving work complexes, student hangouts and market lanes

FRANK has created self-service kiosks at fast-moving work complexes, student hangouts, and market lanes. These stores promote community-based engagement, where individuals connect with executives; they can socialise and access banking services anytime.

For instance, in 2019, FRANK opened its fourth FRANK BY OCBC Store at the National University of Singapore’s (NUS) Stephen Raidy Centre at University Town. The store is accessible to students 24×7 and has a cool seating arrangement, a large LED screen, as well as a cashless payment snack machine. Through this operating system, the neobank hopes that the students will use the store as a place to study and interact with friends, and at the same time, feel more comfortable browsing and asking questions to the staff about their banking products and services.

We believe that stores should form an integral part of the neo banking channels as they provide a physical point of interaction. In addition, stores create a sense of community around the brand, a sense of belonging and a sense of loyalty.

Other customer experience initiatives

How you can match up to FRANK

• Personalise accounts for each of your target customer segments to add a personal touch
• Introduce wearable banking to embed yourself in your customer’s day to day activities
• Offer customisable cards
• Introduce RoboAdvisory
• Take up initiatives for financial inclusion
• Have voice-based assistance

Actionable insights for FRANK

• Incorporating gamification into the bank’s UI-UX by using virtual characters as mascots and guides
• Offer in-app chat support

Read the full report here.