Brokers' take
OCBC Bank | Buy Target price: S$13.68 Sept 26 close: S$11.39 UOB KayHian, Sept 26
OCBC wants digital transformation to permeate across its commercial banking, wealth management and insurance businesses, instead of setting up a separate digital bank. It will leverage on data analytics and artificial intelligence to provide customer service and generate new sales.
OCBC targets to increase the proportion of digital customers to 60 per cent for consumer banking (H1 2018: 48 per cent) and 70 per cent for SME banking (H1 2018: 60 per cent). Digital customers generate two times more revenue for consumer banking and three times more revenue for SME banking, compared with non-digital customers. There was a three-fold improvement in sales leads conversion over the past five years.
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