Asia: Wealth management app to be launched by OCBC Malaysia

Faced with rising fraudulent phone calls in Malaysia, OCBC Malaysia plans to launch OCBC Secure Chat Banking Mobile Application, a secure communication channel for its affluent clients.

The mobile application will enable OCBC Premier clients to give financial instructions to their relationship managers through Whatsapp, WeChat and LINE, without having the need to receive a call-back for verification. With the Bank Negara’s approval last month, OCBC Malaysia will be collaborating with Moxtra Inc, a Fintech company, to conduct a regulatory sandbox test on its new initiative in the next 12 months.

The successful launch of OCBC’s secure chat banking will be the first initiative in the market, which will improve security and efficiency in communications between clients and their relationship managers.

There is an increasing importance of the communications for the advisory space, as RFi Group data shows that there has been an increasing reliance on financial advisors in aiding investment decisions of affluent investors over 2017.

With 7 in 10 priority banking customers in Malaysia holding investment products, the wealth management space is a key space in the affluent banking proposition and it will be interesting to see the impact of this new application on the industry.

Source: H2 2017 Malaysia Priority & Retail Banking Council

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