OCBC Bank’s recently-introduced online unit trust platform has attracted entirely new customers making up 80% who are using the platform it said.
Managing Director and Head of Consumer Financial Services Ms Anne Leh, said “We are pleased with the speed at which these newbie investors have responded to the innovation which continues to see good take-up from those who have come to enjoy its speed, convenience and manageable entry-level investment amount,” she said, adding that the entry-level cost is about a hundred times lower than the usual entry level of RM1,000.
The platform is premised on the Bank’s overarching digital banking drive which has seen them focus on greater convenience to customers that goes beyond CASA deposits to encompass investments as well. “The trend of banking online has long caught on; so, we figured the time was right to apply the learnings to the beginner investor’s investment journey with unit trusts as a further step along our digitalisation journey.
In the first 4 months, 74% of the total buy transactions were investments featuring amounts below RM1,000. And 28% of the Online Unit Trust customers who invested under this amount subsequently made larger transactions, indicating they are receptive to the lower minimum investment amount to get them going.
