FRANK isn't just about branch transformation, but it is essentially about delivering the whole new customer experience by a holistic offering of customised products and service channels (social media, retail store concept branch) that meet the demands of a growing group of discerning consumers.
Strengths identified in this submission:
1. Customer Insights - An intensive customer research conducted to ensure product & concept are aligned to the target market
2. The bank created an entire suite of customised products, channels and a brand programme centred for this target segment. Unlike most banks, FRANK by OCBC did not merely create a youth-oriented credit or debit card, but a holistic experience for them.
4) The projects from DBS, OCBC and other banks seemed to suggest a targeted focus on specific customer groups. So what are the tools and services for IT to implement that make these programmes possible?
From the technology's point of view, banks can leverage on the advanced analytics tools to gain some of the customer insights as well as coping with the influx of data, in order to develop and customise banking products & services.
The concept of "SoLoMo" (Social Media, Local Search & Mobile) will be very much applicable for the banks and hence they would need to (1) ensure a clarify on formal social media framework (2) have unified communication among multiple channels and (3) make sure the core banking system supports mobile banking and flexible to make necessary changes.
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