OCBC Bank and StarHub are tapping data insights from each other's clientele to jointly develop products and services they say will offer more customised customer experience.
The new partnership would encompass a year-long S$6 million (US$4.39 million) investment in research and product development, the Singapore bank and telco said Monday. This would include joint marketing initiatives and setting up of stores to showcase their services.
The alliance was described as "multi-year", though, a spokesperson declined to specify how long had been committed. However, he said both companies were exploring plans to bring in other partners so services from other industries could be integrated, including retail, insurance, healthcare, transport, and real estate.
"Businesses globally are moving beyond conventional industry silos into an interconnected ecosystem to shape better business outcomes and customer experiences," StarHub and OCBC said in a joint statement. "The previously clear lines between different businesses and industries will eventually converge to meet customer needs in a unified manner."
They added that the objective was to "discover new markets" and offer customers value that went beyond a single entity or industry.
With a combined customer base exceeding 5 million, OCBC and StarHub would tap artificial intelligence (AI) and data from Internet of Things (IoT) to identify potential new products and services that "enhance customers connected lifestyles".
At the launch Monday, both companies also unveiled a co-branded concept store located at an OCBC branch to showcase new offerings the partnership was expected to provide. Such stores would be expanded to include more retail outlets, according to the partners.
According to a spokesperson, data gleaned from their respective customer base would be anonymised where possible. Access to some customer data such as mailing address would be required for consumers to continue receiving promotional offers, he said, adding that customers who did not wish to share such data would be able to opt out of these services.
All data access would be carried out in compliance with Singapore's personal data protection regulation, he noted.