OCBC Bank, StarHub spearhead building of Singapore’s ‘We Economy’

By Digital News Asia October 16, 2017

Both companies will invest US$4.43 million over 12 months
Explore AI and IoT to enhance customers’ connected lifestyles

OCBC Bank, StarHub spearhead building of Singapore’s ‘We Economy’

OCBC Bank and StarHub announced the formation of Singapore’s first bank-telco strategic partnership to drive Singapore’s collaborative economy.

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 (US$4.43 million) in research and technology over the next 12 months.

OCBC Bank group chief executive officer Samuel Tsien 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’.”

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 five million.

Both companies will also explore opportunities in Artificial Intelligence (AI) and Internet of Things (IoT) 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.

StarHub chief executive officer Tan Tong Hai 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, Tsien and Tan 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.

In addition, all current and new customers affiliated with both OCBC Bank and StarHub can sign up at www.innovatingtogether.sg, to receive an additional 3% rebate on their StarHub bills for 12 months.

The rebate of up to S$5 per month will be credited into customers’ OCBC credit card or bank account. For full details, please visit www.innovatingtogether.sg