Singapore bank targets young adults with tailored products

Singapore's OCBC Bank recently launched a new banking service, targeting young adults with a variety of specially designed products and services.

In this era of financial crisis, many banks find themselves struggling to gain favor and trust among young adults. Hoping to rectify this, Singapore’s OCBC Bank recently launched a new banking service targeting just those consumers, with a variety of specially designed products and services. We’ve already seen banks target immigrants, gay consumers and women, but — similar in some ways to microcharity Jolkona’s youth-targeted approach — OCBC Bank’s new FRANK brand aims to deliver a fresh new array of banking services to young consumers. Trendy retail stores take the place of staid banking branches, for example, while customers can choose from among more than 130 stylish designs for their credit and debit cards. Savings accounts, meanwhile, offer a considerably higher interest rate than most competitors. There are no initial deposits required, and no monthly fees for those under 26 years old. The video below summarizes the basic concept underlying FRANK: If there’s any industry in need of a fresh approach today, it’s banking. Other financial institutions around the globe: what about you? Spotted by: Wee Hoon Tan