FRANK customers will be served at specially designed FRANK retail stores instead of OCBC Bank branches and allows them to browse, touch and ask questions about the products and banking needs.
The bank transformed OCBC Bank branches at Singapore Management University and Nanyang Technological University (NTU) as FRANK stores.
The NTU store is slated to open in June 2011, with plans to open more stores in high traffic malls progressively.
In order to provide the services online and help them to track their cash positions, cash flows and to set budgets and savings goals, the bank has launched a new online portal, www.FRANKbyOCBC.com.
The bank also decided to transform the debit and credit card into an instrument which youths and young adults can use to express their individualism, personality and even fashion sense.
According to the bank, the Frank accounts will earn higher interest rates than normal savings accounts, no account fees and minimum monthly balance requirement for customers who are below age of 26 years.
FRANK customers can also carry out their banking transactions via OCBC Bank’s network of more than 500 ATMs and 56 OCBC Bank branches across the island.
According to the OCBC, the brand name FRANK was chosen after a series of research conducted with youths and young working adults.
OCBC Bank head of global consumer financial services Ching Wei Hong said that the bank want to support this segment of customers through their life stages and milestones, as they transit from a young adult to entering the workforce as a young professional.
