Asia's best bank for SMEs 2017: OCBC
Awards for Excellence 2017
There are two priorities at OCBC: wealth management, through the Bank of Singapore subsidiary; and small and medium-sized enterprises. All banks in Asia like to say they prioritize SME banking, but at OCBC it is clearly instrumental to everything the bank does – and that makes it our best bank for SMEs in Asia. Since last year, OCBC has allied its early-stage persistence – everyone who registers a new business in Singapore is contacted almost immediately by the bank with an offer of assistance – with the use of big-data analytics. This can be as simple as analyzing trends among people who register new businesses, or refining an online campaign through the customized use of search engine keywords. For its flagship small business accounts, OCBC believes it has increased its number of leads by 180% and its conversion from 40% to over 50% through these techniques.
In Malaysia, it has achieved almost 50% year-on-year growth in average account balances; the Indonesia accounts, launched in February 2016, are in their infancy but have still seen 30% year-on-year growth in average account balances.