Oversea-Chinese Banking Bank (OCBC), South-east Asia's second-largest lender by assets, has rolled out a mobile app to "help customers achieve their investment goals in a simple and personalised way - while on the go".
The new app will provide personalised alerts and mobile access to portfolio tracking enabling OCBC Bank customers who have purchased investment products to login through the app to see an overview of their portfolio. The portfolio tracking tool includes equities, foreign currency accounts and deposits, time deposits, structured notes, dual currency investments and the OCBC Blue Chip Investment Plan.
The convergence of mobile and wealth management can make wealth management services more simple, accessible and personal for customers, according to OCBC Bank's head of e-business for Singapore, Aditya Gupta (pictured), in a statement. "It's what we call the 'democratisation' of wealth management," said Gupta. "[The app] is all about making quality and personalised advice available to more people - especially those who are new to investing - in a way that is simple to understand and easy to act upon."
In addition to having anytime-anywhere mobile access to their portfolios, OCBC customers will also be able to set mobile price alerts to monitor barriers and knockout events when their investments hit certain market prices. Customers will also receive personalised alerts from OCBC Bank based on the investments they own, prompting them to log in to the app to read market updates relevant to their investment holdings.
OCBC has marketed almost 200 structured investments in Singapore, China and Malaysia, of which 182 were issued in Singapore. The bank reported that wealth management income including equity-linked notes rose 6% to US$2.3bn in 2015, although SRP data shows the bank did not issue any new products in 2015. There are currently 27 live products issued by OCBC Bank in Singapore offering exposure to a number of assets including government bonds, interest rates, Sibor, managed funds and the JPMorgan DV Enhanced World Total Return (USD) Index. OCBC was the fourth most active provider in Singapore in 2014 raising an estimated US$50m. As a proportion of the group's total income, wealth management contributed 27%, as compared with 28% in FY14.
The OCBC OneWealth app is aimed at 'beginners and seasoned investors' and will enable them to 'access customised, up-to-date market information and investment suggestions from OCBC Bank experts, easily monitor their investments and get personalised mobile alerts relevant to their investments'.
The bank stated that it has conducted extensive research including 'intensive interviews' with customers to map out their top investment pain points - 'from feeling overwhelmed by the sheer number of investment choices to needing help in monitoring and adjusting a portfolio once an investment product is purchased'.
The new app will also allow customers to choose the content they want to receive on their device, including content on unit trusts, equities, bonds and foreign exchange currencies, as well as outlook and top investment ideas for each of the chosen asset classes and markets. The app can also be used as an educational tool as it provides curated content 'to better understand market situations through expert analysis'.
With insights gleaned from the content and personalised alerts on the app, customers will be able to buy and sell investment products through OCBC's online unit trust portal or, while accessing the app, have an OCBC Bank representative contact them directly. The content on the app is refreshed daily, with market insights updated every morning so customers can start their day armed with the latest market information.
Related stories:
Singapore retail looks more to equities but FX prevails
SGX commodities derivatives volume up 110% y-o-y, boosted by seaborne iron ore
OCBC targets local savers with better yielding structured products