OCBC to rejig branch strategy after Covid-19 crisis amid rising use of digital banking services: CEO (Straits Times)
OCBC will continue to invest in technology and digitalisation efforts.
Photo: Straits Times/KUA CHEE SIONG
OCBC Bank expects to rejig its branch network strategy after the Covid-19 pandemic because the rising adoption of digital banking services has permanently diverted some traffic away from its branches, said its chief executive officer Samuel Tsien on Monday (May 18).
With 22 of its 46 branches islandwide temporarily shut to comply with safe distancing measures here, the bank recorded a broad-based surge in digital transaction volumes in services such as online trading, loan applications and PayNow transactions in the first quarter ended March 31.
Against this backdrop, OCBC will continue to invest in technology and digitalisation efforts in the areas of customer interaction, customer experience, internal processing and infrastructure, said Mr Tsien.
Speaking at OCBC's virtual annual general meeting on Monday, he told shareholders that the bank expects the increased adoption of digital services to translate into higher net operating profit in the longer term, as a result of reduced manpower costs and fewer physical branches and offices being open in future.
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