Banks need more innovation differentiation


Banks to differentiated themselves in terms of the way they solve their digital problems to come out on top, OCBC Bank believes.


It is very dangerous for banks to be solving their digital problems the same way as each other, OCBC Bank believes.

The bank’s vice president for e-business, global consumer financial services, Yvonne Cheong, said to FST Media that there would be no differentiation if all banks solved the same problems the same way.

“I’m not going to be any different from my friendly competitor and that to me is a very dangerous thing. You might face the same problem but you cannot solve it the same way,” Cheong said at Huawei’s Reshaping IT to Fuel Digital Banking Transformation conference in Hong Kong.

“I feel there is room for differentiation in digital, meaning the winner will be the bank that is able to see through some of these distractions and be very focused and know very intimately what are the constraints and what they stand for,” Cheong said.

“Because every bank is different as we have certain values and certain history that resonates with us.

“So if you know yourself well enough you can capitalise on that and build on that and you use technology to do it. To me that is the next movement – differentiation in technology.”