Branding of Banks

Singaporeans are super savers. We have always been known as a country with the highest saving rates. From the POSB account that our parents open for us when we are born to the CPF account that we monthly contribute after we get our first job, there are other supplementary savings we may build up as we move into different phases in lives.

Hence, many Singaporeans are not unfamiliar to the banks. From the big 3 local banks to the offshore banks, we are spoilt for choices regardless of whether we are saving, investing, borrowing, or mortgaging. With increased competition from the offshore banks, our local banks are also gearing up in response.

I have always been watching closely the various promotions introduced by the local banks out of both curiosity and hope of reaping benefits as end-consumer. I have recently been rather attracted by the series of advertising campaigns that OCBC has implemented.

From my recollection, OCBC has not utilized the television advertisements as frequently. It has used more of print media – in newspaper. Currently, it has expanded to the use of more personal touch, turning its bank branches more into a mini showroom of different themes. This removes the daunting aura associated with the professionalism emphasized by various banks. In addition, the little touches that the banks put in place also warm the consumers’ hearts.

I was impressed when I saw several benches placed along the queue to the counters providing rest to the tired legs while customers wait along the queues. So far, I have only seen OCBC branches but not other banks. Such little thoughts go a long way as it helps alleviate the frustration associated with long queue at the banks. Along the queues, colourful brochures are placed for consumers to be informed of the latest promotions / programs. This is a very effective way of promoting their latest products. Most consumers prefer to buy-in to a new investment idea themselves rather than being ‘pushed’ by the bank.

The thoughtfulness of the bank can also be seen in the extended operating hours that it introduces in selected branches. Previously, many of the working adults will need to apply leave to run errands at the bank especially for those who need to work on Saturday or for those who wish to avoid the bank crowd during peak hours like lunch hour or Saturday. With the extended operating hour on weekdays and even Sundays, we can get our things done without having to waste our leave.

Depending on the ‘flavour’ of the month, the OCBC banks has also decorated or introduced different gimmicks. For instance, when it first introduces its mighty savers programs for the children, it has set up popcorn counters and given out free popcorn to customers. Magicians also graced the branch and entertained the young customers. Recently, it has targeted the ladies. On International Women’s Day, pink roses were given out to ladies. Ladies’ nights are introduced on every Wednesday with express queue at selected counters solely devoted to ladies. For those queues, pink carpets lined the floor to the counter. Cocktails are also served to ladies customers.

Such small gestures show the thoughtfulness branded by the banks. After all, we have to visit the banks often and often for important milestones in our lives, eg when we are getting our first house, when we get our first pay check, etc. Hence, a long-lasting relationship with the customers will go a long way.