The point of OCBC WoW is to get customers to transact more. The bottom line of OCBC’s new initiative is to grow the bank’s topline. More RMs imply more customers and more revenue.
As part of OCBC’s group CEO Tan Teck Long’s Next Frontier strategy, its consumer banking wealth management segment aims to onboard 600 relationship managers (RM) within three years. The bank does not reveal its current number of RMs. According to Sunny Quek, group managing director and head of global consumer financial services at OCBC, each RM can serve 250–300 customers.
To increase the number of customers RMs can serve by multiples and grow the customer base, OCBC has launched OCBC WoW (whole of wealth). This app features two avatars, Wendy and Wayne, who deliver hyper-personalised wealth management services in real time, 24/7.
