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| Source: OCBC Bank. OCBC Bank’s Group CEO, Samuel Tsien (left), and StarHub’s CEO, Tan Tong Hai (right), forge Singapore’s first bank-telco strategic partnership with the first store-in-store at OCBC Bank’s orchardgateway branch. |
OCBC Bank and StarHub have announced Singapore’s first bank-telco strategic partnership to drive Singapore’s collaborative economy, also known as the ‘We Economy’. To mark the start of this partnership, the two companies launched the first store-in-store at OCBC Bank’s orchardgateway branch, which illustrates the benefits customers can expect out of the We Economy.
Combining OCBC Bank’s financial capabilities and StarHub’s catalogue of info-communications and entertainment services, customers can now seamlessly manage their banking and digital lifestyle needs in one store. This store-in-store concept will be expanded in stages to cover more retail outlets.
The partnership between OCBC Bank and StarHub is the first step in a multi-year plan towards bringing together essential businesses across industries. These include transport, retail, insurance, health and wellness, and real estate. The partnership will welcome companies that share the same ideology to be part of its We Economy ecosystem.
OCBC Bank and StarHub identified the potential of the We Economy from working on two key thrusts for many years – digital innovation and customer experience. OCBC Bank started the use of data analytics in 2002 to obtain deep consumer insights in its continuing drive to find new ways to better serve its customers. It was the first to roll out fingerprint biometrics (2015), voice biometrics (2015), speech recognition (2016), open APIs (application programming interfaces) in 2016, specialised AI chatbots (2017) and transactional APIs (2017).
StarHub, Singapore’s first fully-integrated info-communications and entertainment service provider, innovates continually to bring greater benefits to customers, from streaming Asia’s first ‘live’ virtual reality concert to enabling Singapore’s first autonomous hotel room service robot and comprehensive mobile device after-sales support. Earlier this year, it also launched a new facility called Hubtricity to help accelerate Smart Nation initiatives and to showcase its deep capabilities in connectivity, cyber security and data analytics.
Samuel Tsien, Group CEO of OCBC Bank said: “This partnership is born out of the strong belief by both of us that by innovating together, rather than each doing its own thing, we can serve our consumers more comprehensively, effectively and efficiently. StarHub and OCBC have been very active in the space of digital innovation. Our partnership is the beginning and a part of a multi-year plan towards building Singapore’s first We Economy.”
Tan Tong Hai, CEO, StarHub said: "In this new economy, effective collaboration can drive business success. We are happy to team up with OCBC Bank, leveraging our shared strengths in digital lifestyle solutions and omnichannel engagements to deliver enhanced customer experiences. Our form of collective intelligence becomes even more vital as it enables us and our partners to anticipate and better respond to customers’ evolving motivations and preferences.”
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All current and new customers affiliated with both OCBC Bank and StarHub can sign up online to receive an additional 3% rebate on their StarHub bills for 12 months. The rebate of up to S$5 per month will be credited into customers’ OCBC credit card or bank account. Customers can look forward to enjoying more perks in future.
