Mr Lim added that consumers will be able to gain FD rates seamlessly by way of the unique FRANK by OCBC “Save and Spend Pots”. Our customers will now be able to enjoy the FD rates they normally see in traditional banking but without the usual penalties and restrictions,” he said. “The first of the initiatives of FRANK by OCBC is a reinvention of the traditional features of Fixed Deposits. FRANK by OCBC is dynamic and never static.

“As a leading bank in the region, our capabilities and resources have enabled us to develop something that engages the mobile generation in a manner that is more aligned with their lifestyle. So, our mantra has become ‘Your Money, Your Rules’.

“The mobile generation, while still mindful of the need for security and discipline in banking, is looking for a type of flexibility that we believe is both reasonable and implementable. With Malaysia’s high mobile phone usage, known to be among the highest globally and standing well over the global penetration of about 70%, the imperative to provide easier access to banking services has become a lot more pronounced. “Bearing in mind that well over 80% of Malaysians use the internet and over 70% reportedly access social media via their mobile devices, the way of the future is clear enough to understand. “Our consumer research on the banking needs of the mobile generation tells us that banking is way too cumbersome for them and we think it is time we give them more control and remove some of the restrictions associated with traditional ways of banking. The forward-looking FRANK by OCBC seeks to provide the mobile generation with a fresh way of banking using mobile-only banking options to make banking less rigid whilst removing layered financial jargon and complex processes to make banking even more accessible.Īccording to OCBC Bank’s Head of Consumer Financial Services Mr Lim Wyson, the initiative provides a vital piece of the jigsaw for making banking less restrictive in today’s digital world and will centre entirely on the customer’s mobile phone.

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