Who knew banking could be cool? With more than 100 different wild credit card designs to choose from and a shopping experience that is more like shopping for gadgets than financial services, FRANK by OCBC is a truly innovative concept designed to attract young working adults with a relevant message and banking experience. Gen-Y customers are usually the least engaged with banks and the way they traditionally provide products and services. The innovative FRANK branch stores in Singapore are designed to allow customers to browse, touch and ask questions about their banking needs.
Young adults rarely have a focus on savings, but FRANK features a “savings enabler” to help customers reach certain goals by creating “savings jars” or sub-accounts for each separate goal. The money put away in a savings jar cannot be accessed through an ATM. Even their website avoids the normal conventions of banking and focuses on simplicity and great design to match the attitude and expressiveness that appeals to Gen-Y.
There are innovation lessons here for other banks that seek to connect more deeply with their customers. Discovering the unique ways customers want to access banking services is the key to building sustainable brand relationships. This deep customer connection may also enable Gen-Y to become more financially savvy about saving and managing their money for a lifetime. And that’s pretty cool.
image credit: thefinancialbrand
Donna Sturgess is the President and Co-founder of Buyology Inc and former Global Head of Innovation for GlaxoSmithKline. Her latest book is Eyeballs Out: How To Step Into Another World, Discover New Ideas, and Make Your Business Thrive