Image credit: AsiaOne
OCBC Bank has rolled out FRANK by OCBC, a digital banking initiative aimed at providing the mobile generation a fresh way of banking using mobile-only banking options. Offering features that are strikingly similar to the OCBC nuon Account, the initiative also seeks to remove layered financial jargon and complex processes so that banking is made even more accessible to its users.
“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,” said the head of consumer financial services at OCBC, Lim Wyson. “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. So, our mantra has become ‘Your Money, Your Rules’.”
FRANK Account
There are a few features to the FRANK by OCBC initiative, chief of which is the FRANK Account – which the bank refers to as the “reinvention of the traditional features of fixed deposits”. Like the OCBC nuon Account, the FRANK Account also lets you split your money between a Spend Pot and a Save Pot.
|
Spend Pot |
Save Pot |
|
|
Accessibility to cash |
Money is accessible for transactions or withdrawal at all times (through debit card or internet/mobile banking) |
Money is not accessible for spending or withdrawal; must be moved back to Spend Pot through the OCBC mobile banking app if you wish to use it |
|
Interest rate |
0.30% (Base interest) |
1.80% (Base interest + Bonus interest) |
|
Tenure/Lock-in period |
N/A |
None |
Essentially, the idea here is to give you the flexibility of a savings account, with easy access to your cash (Spend Pot), while still helping you to avoid overspending and to earn higher interest rates through your savings (Save Pot). Furthermore, the FRANK Account does not have a minimum initial placement or withdrawal penalty when you move your money from the Save Pot to the Spend Pot.
FRANK Debit Card
OCBC’s new initiative also comes with its own debit card, dubbed the FRANK debit card. Its key benefit lies in offering users a 0% foreign exchange mark-up when conducting overseas transactions or spending in foreign currencies when making online purchases. The bank further clarifies that it uses the Mastercard exchange rate for transactions made in foreign currency, just like with the nuon Debit Card.
Additionally, the FRANK debit card can be used for contactless payment at 400,000 merchants nationwide, and gives you access to about 14,000 ATMs across Malaysia.
Other financial management features
Aside from the above features, the FRANK by OCBC initiative also includes other financial management functions, including Money In$ights and People Like You. The Money In$ights feature automatically categorises your spending so that you can keep track of where your money is going. Meanwhile, the People Like You feature allows you to compare how you manage and spend your money with other people.
The FRANK by OCBC initiative is open for application to Malaysian citizens who are 18 years of age and above, and it must be registered under a single accountholder only. To sign up, you will need to download the OCBC mobile banking app, complete the online application form, and make a one-time visit to a bank branch for biometric verification. You’ll also have to place a minimum deposit of RM20, which must be maintained to operate FRANK by OCBC.
Head on over to OCBC’s website to find out more about its FRANK by OCBC initiative.
Source: https://ringgitplus.com/en/blog/savings/ocbc-rolls-out-mobile-first-banking-solution-frank-by-ocbc.html