The new FRANK by OCBC store integrates features that are desired by millennials – borderless and digital interactions, environmental sustainability and a casual setting for banking.

OCBC Bank's has opened the first borderless and open-concept bank branch in the country, with no teller counters or shutters and barriers at its fourth and latest FRANK store, located University Town at the National University of Singapore (NUS).

The space, which is designed differently from a traditional bank branch, makes it «attractive for students to come into the Store to take their time to browse and ask questions about banking products and services, play games or catch up with their friends over coffee.»

Instead, students can interact with banking staff at the store’s collaboration areas, explore new mobile and internet banking features using devices there, enquire about study loans with a chatbot, and try out new digital banking services. They can also access the store round-the-clock to study or to get snacks at the cashless vending machine using the OCBC Pay Anyone mobile payments app. 

Appealing to the Younger Generation

OCBC also revealed insights about the values, attitudes, interests and desired experiences of millennials from a survey it conducted between January and February 2019 among 866 students and young working adults aged 16 to 29 years old, which it said would help the bank develop more comprehensive programmes on financial literacy to meet millennials’ holistic needs.

«The survey has revealed insights into the psyche of millennials today and the values and attitudes they hold dear. In addition to the deep and rich insights that we already have from banking with one in two youths in Singapore, this enables us to tailor products and services that they will find useful at every stage of their lives and help achieve their aspirations,» Dennis Tan, OCBC Bank’s Head of Consumer Financial Services Singapore, said.

Investing and Insurance a Priority

Among the insights were that less than half of millennials want to gain physical possessions when they have the money, and that 82 percent of millennials say gaining life experiences will be a priority when they have the financial means.

Additionally, 41 percent of millennials have difficulties in keeping to a savings plan, but 69 percent of millennials want to start buying insurance policies and 71 percent want to start investing, though less than half of millennials consider themselves knowledgeable about insurance and investments