Dashing OCBC Bank unleashes SME dashboard
OCBC Bank has unveiled a digital business dashboard for SME customers as it hunts out some app action in the fintech space.
Based on OCBC Business Debit Card spending data, SME expenditure in 2018 on “some of the most popular business apps such as Facebook, Xero, MailChimp, Shopify and Quickbooks”, hit $9 million, almost double the amount spent in 2017.
With this gloriously succulent market in mind, its dashboard is designed to use these apps and offer actionable insights displayed via widgets.
Melvyn Low, head of global transaction banking, OCBC Bank, says: “Running a business requires owners and managers to keep track of many aspects – sales, inventory, human resources, and banking. Knowing this, we developed the dashboard so that SMEs can get a holistic view of the business. We anticipate that this will become a command centre for them.”
The Singapore-based bank says it serves more than one in two SMEs in the country.
OCBC has integrated more than 40 business apps, including its digital banking platform Velocity@ocbc, with the web-browser based dashboard. The latter supports functions like accounting and expense management, sales and inventory, marketing and human resources.
For example, a business owner could monitor his/her email marketing campaign using Mailchimp, analyse the same campaign’s effectiveness in driving website traffic by looking at Google Analytics, and check on subsequent sales, top selling products and inventory levels using Shopify and Tradegecko.
A soft launch for the dashboard was carried out with a select group of customers in December 2018.
This dashboard is the result of a collaboration between OCBC and 9 Spokes which began in 2017 under the second Fintech Accelerator Programme run by OCBC’s fintech unit, The Open Vault at OCBC.