A bit of history: the FRANK by OCBC banking programme was first launched in May 2011. In barely, six months, OCBC claimed to receive overwhelming response, with the number of new sign-ups for FRANK accounts and debit cards growing at an average monthly rate of more than two times. After three years in the Singapore market, there are now a total of 5 FRANK stores located islandwide, with 3 of them located in student campuses.
FRANK advocates four main principles:
- I save before I spend
- I amplify my wealth
- I use protection
- I enjoy small indulgences
These are best illustrated in the video below:
At the birthday event, FRANK invited two inspiring individuals to share on their own life experiences, apply the FRANK principles. They were Ahmad Hidayat, founder of Dutch Colony Coffee and Joanne Soo from the Singapore Women’s Everest Team:
How did these four principles came about?
OCBC conducted customer labs over a 3-month period to distill insights on how FRANK can be more than just a bank. This were the insights they got:
- SAVE: FRANK customers want to save more money – 90% of youths set savings goals
- INVEST: They want to learn more about investing and start early to achieve their goals
- PROTECT: FRANK customers buy insurance to protect their loved ones and themselves from unforeseen circumstances
- SPEND: 98% of those surveyed appreciate that FRANK provides them with relevant deals and promotions
So how does FRANK fit into the picture on these four main principles?
- SAVE: FRANK Account pays you higher interest rate of 0.2% to 0.4% per year. It comes with an online Savings Jar where you can set aside money for your dream.
- INVEST: FRANK runs a Young Investor Programme for customers to gain confidence and knowledge to invest in equities. FRANK also has a Blue Chip Investment Plan for beginner investors to start small, with access to blue chip shares from as low as S$100 a month.
- PROTECT: FRANK provides travel insurance and health insurance coverages.
- SPEND: FRANK credit card gives cash back every time you spend. This includes 6% cash back from any online spending such as air ticket and transport expenditure when spend at least S$500 a month. For all other spendings, you get 0.5% cash back. FRANKS also protects you against online fraud and unauthorised transactions.
If you are interested to sign up for a FRANK account, credit card or debit card, visit the official FRANK by OCBC website for more information. For latest FRANK updates, follow FRANK on Facebook and Twitter.