OCBC Money Lock
OCBC Money Lock was developed in response to a 2023 mandate from the Monetary Authority of Singapore (MAS), which required banks to offer customers a way to lock their funds securely. We elevated this requirement by designing a feature that lets customers lock both cash and time deposits, providing greater control and peace of mind.
CHALLENGE
Tight Timeline: The MAS mandate came in March 2023, but the feature needed to be live by Q4 2023, which created an urgent timeline for delivery.
Cross-Functional Collaboration: Collaboration with several key teams, including digital business, marketing, editorial, legal, compliance, operations and technology, was crucial due to the project’s importance.
Educational Gap: Educating customers about the new feature posed a challenge, as many were unfamiliar with the concept of locking funds and its benefits.
SOLUTION
Held biweekly cross-team meetings to align stakeholders on Money Lock’s value propositions, delivery timelines, and customer support channels.
Proposed multiple touchpoints to address customer concerns, including a dedicated FAQ page and clear banners/disclaimers before customers confirmed their locked funds.
Aligned content with the payment team to ensure consistent terminology across acknowledgement and success screens.
During usability testing, it became clear that many users did not fully understand the concept of a Money Lock. They also forget to consider their bills and recurring payments when deciding how much money to lock.
To help users better prepare for the Money Lock process, I proposed adding reminders before and after they lock their funds.
I worked closely with the editorial and marketing teams to ensure that common questions raised during testing were clearly answered in the web FAQs.
Helping users to understand Money Lock
Clear and consistent banking terms
I focused on simplifying the language used in the Money Lock feature, making sure to use familiar banking terms like “Available balance” without introducing new or confusing terminology tied to the Money Lock feature.
To ensure clarity and effectiveness, the copy and designs were tested with 10 customers to ensure that instructions were clear and easy to understand.
I worked with editorial, marketing, and legal teams to align and get clearance for the content for this project. While meeting legal and compliance regulatory requirements, we also actively shared about the concerns raised during usability testing with the working teams.
These efforts helped to maintain consistency and user-friendliness across all content touchpoints.
Team collaboration for better content
OUTCOME
Widespread adoption: Over 30,000 customers used the OCBC Money Lock feature for more than 33,000 accounts within the first 2 month of its launch.
Significant funds locked: By February 2024, the total amount of funds locked exceeded S$5.4 billion across more than 61,000 accounts in Singapore.
Customer Confidence and Target Demographic: This initiative has been successful in boosting customer confidence for OCBC’s security efforts against potential scams. Money Lock saw strong adoption among customers aged 30 to 50 years old, indicating broad appeal across a key demographic.