OCBC Bank has been named the "Most Innovative Bank in Asia Pacific" for 2011 at the Banking and Payments Asia (BPA) Trailblazer Awards held last Friday at the Grand Copthorne Hotel Waterfront.
Other than the "Most Innovative Bank in Asia Pacific" award, OCBC also won the Channel Excellence in Branch Banking (for FRANK by OCBC), Channel Excellence in Internet Banking, Special Commendation for Account Opening and Special Commendation for Debit Cards (for FRANK by OCBC) awards.
Mr Ching Wei Hong, Chief Operating Officer, OCBC Bank said the bank had been working hard to become a better, customer-focused bank.
"The Most Innovative Bank Award, coupled with 5 other awards recently conferred on OCBC, affirms our direction.
"However, innovation best makes sense when it is pursued with customers in mind. The recent experience re-design across our key products and channels was driven from customer insights that we gained by involving our staff and customers to better understand how they interact," he said.
Mr Ching also said that OCBC Bank's innovative approach to banking was only possible because customers' opinions were heeded.
"Now, we see a fivefold growth in new accounts flowing from the FRANK branches that replaced our conventional branch format at certain locations," he said.
Thomas Zink, associate editor of Banking & Payments Asia said OCBC Bank stood out as a visionary of how the retail banking industry can stay relevant to its customers.
"Pairing customer centric service delivery with a keen sense for cost management and operational excellence, OCBC serves as a best practice example of how a bank can exceed expectations across multiple fields.
"Whether in channels, where it set benchmarks through its branch, internet and mobile banking platforms; or products, where OCBC outshone the competition in credit and debit cards; as well as in the back office, where it revamped its account opening process- OCBC is setting the benchmark for Asia's retail banking industry," he said.