Frank

On first glance, you’d probably think that Frank was a cafe or maybe a music store. But it’s actually a new concept banking branch by OCBC to attract the young banking adults who would hopefully become lifelong customers. In their words, Frank is about empowering you to do the things you want in your life. Instead of proposing indulgent credit card spending, a lucrative source of income, Frank encourages responsible spending with four principles – save, invest, protect, spend. Frank aims to grow with this new generation as they prepare to step into the work force so they may live out their dreams.Frank worked in some practical features like lifetime card fees waiver, which kind of make sense to the bank as well. 99% of the time when you call in to request for annual fee waivers, the request will be accommodated. So now, the banks can reduce resources required to bill and subsequently, waive the annual fees, as well as any other late charges that might have thus been incurred. They worked with the Ministry of Education to optimize the repayment of tuition fee loans, funding done by MOE and administered by OCBC, what a great deal! To get customers started on investment early, no separate trading account is required for the purchase of blue chips shares and preferable commission rates are offered with the Young Investment Programme, along with an investment book by Warren Buffet. Then there are also other fringe perks to appeal the cool and funky crowd, such as the over 120 credit card designs to choose from.

All in all, I’d say well-done OCBC! and I expect to see the other retail banks following suit very quickly!