Also known as the ‘We Economy’, businesses globally are moving beyond conventional industry silos into an interconnected ecosystem to shape better business outcomes and customer experiences.
The previously clear lines between different businesses and industries will eventually converge to meet customer needs in a unified manner – making life simpler.
This partnership between OCBC Bank and StarHub is the first step in a multi-year plan towards bringing together essential businesses across industries. These include transport, retail, insurance, health and wellness, and real estate. The partnership will welcome companies that share the same ideology to be part of its ‘We Economy’ ecosystem.
By coordinating, involving others and drawing on each other’s strengths and resources, ‘We Economy’ businesses will be able to discover new markets, effect change on a larger scale and deliver greater customer value in ways that surpass the efforts of any single entity or industry.
For a start, OCBC Bank and StarHub will be investing S$6 million in research and technology over the next 12 months. Jointly harnessing data insights, both companies will focus on understanding customer needs and delivering more relevant solutions, experiences and offers to the combined customer base of over 5 million. Both companies will also explore opportunities in Artificial Intelligence and Internet of Things to enhance customers’ connected lifestyles at home, at work and on the go.
OCBC Bank and StarHub identified the potential of the ‘We Economy’ from working on two key thrusts for many years – digital innovation and customer experience.
OCBC Bank has introduced many firsts in Singapore. It was the first to roll out fingerprint biometrics (2015), voice biometrics (2015), speech recognition (2016), open APIs (Application Programming Interfaces) in 2016, specialised AI chatbots (2017) and transactional APIs (2017). OCBC Bank started the use of data analytics in 2002 to obtain deep consumer insights in its continuing drive to find new ways to better serve its customers. New customer propositions are further researched in its customer laboratory and robustly challenged by its in-house research teams.
Every customer proposition is then delivered to consumers using strong customer experience design to ensure effective customer engagement. Popular products that have come from this disciplined process are OCBC 360 account, OCBC 365 credit card and Frank by OCBC.
StarHub, Singapore’s first fully-integrated info-communications and entertainment service provider, innovates continually to bring greater benefits to customers, from streaming Asia’s first ‘live’ Virtual Reality concert to enabling Singapore’s first autonomous hotel room service robot and comprehensive mobile device after-sales support. Earlier this year, it also launched a new facility called Hubtricity to help accelerate Smart Nation initiatives and to showcase its deep capabilities in connectivity, cyber security and data analytics.
Mr Samuel Tsien, Group Chief Executive Officer of OCBC Bank said: “This partnership is born out of the strong belief by both of us that by innovating together, rather than each doing its own thing, we can serve our consumers more comprehensively, effectively and efficiently. StarHub and OCBC have been very active in the space of digital innovation. Our partnership is the beginning and a part of a multi-year plan towards building Singapore’s first ‘We Economy’.”
Mr Tan Tong Hai, Chief Executive Officer of StarHub said: "In this new economy, effective collaboration can drive business success. We are happy to team up with OCBC Bank, leveraging our shared strengths in digital lifestyle solutions and omnichannel engagements to deliver enhanced customer experiences. Our form of collective intelligence becomes even more vital as it enables us and our partners to anticipate and better respond to customers’ evolving motivations and preferences.”
To mark the start of this partnership, Mr Tsien and Mr Tan today launched the first store-in-store at OCBC Bank’s orchardgateway branch, which illustrates the benefits customers can expect out of the ‘We Economy’.
Combining OCBC Bank’s financial capabilities and StarHub’s catalogue of info-communications and entertainment services, customers can now seamlessly manage their banking and digital lifestyle needs in one store. This store-in-store concept will be expanded in stages to cover more retail outlets.
