Banks have always been a favourite among retail investors in Singapore. But with an uncertain global trade outlook and interest rate environment, bank stocks have been trading sideways since the beginning of the year. Hence, I decided to go OCBC Bank’s annual general meeting to gain some insights.
Here are seven things I learned from the 2019 OCBC Bank AGM.
1. The purpose of digital transformation is to improve the bank’s customer experience by providing better, faster, and cheaper services. The proportion of retail customers who transact through digital channels has increased over the last five years, from 36% in 2014 to 49% in 2018. Likewise, for business customers, the proportion has increased from 36% to 62% over the same period. Digital retail customers generate two times more revenue than non-digital customers. OCBC defines digital customers as those who have used Internet/mobile banking at least once in the last