OCBC Bank Singapore has appointed Wavemaker as its media agency, effective 1 July 2018. The scope of work also covers OCBC Securities and Bank of Singapore, the bank brand’s dedicated private banking business. This will see the agency handling media investment planning and management.
Wavemaker Singapore has served as the media agency for OCBC Bank and OCBC Securities since April 2016, after the agency (then Maxus) won a pitch for the account in 2015. Meanwhile, the incumbent on the Bank of Singapore account is Carat, which previously held both the OCBC and Bank of Singapore accounts for eight years.
The move follows a media pitch called in April, which also involves the brand’s subsidiary, Bank of Singapore. The pitch shortlist included two other agencies namely Vizeum Singapore and Havas Media Singapore were also in the shortlist, Marketing understands.
Koh Ching Ching, head of group corporate communications, OCBC Bank, said in a statement that the bank looks forward to continuing its relationship with Wavemaker to further elevate its branding and marketing communications efforts.
“We arrived at this decision after a highly competitive pitch, during which various agencies presented thought-provoking ideas and interesting tools. We are looking to partner an agency that can help us harness new digital technologies and data trends, to engage our customers in differentiated ways,” Koh added.
Zachary Lim, deputy managing director of Wavemaker Singapore added that the agency is humbled to be recognised for its agency capabilities by OCBC Bank and is excited about this continued relationship.
“We are confident that with our experience working on OCBC Bank and with Wavemaker’s expertise on understanding their consumers, will allow for a successful partnership with OCBC Bank and Bank of Singapore,” Lim added.
In a previous statement to Marketing, Koh said that digitalisation has helped the bank streamline its functions internally, extending to its branding and marketing efforts as well. New digital solutions in media targeting and buying also gave the bank the ability to communicate in innovative ways with highly targeted segments of its customers. As such, this has redefined the role of the media agency of the future, she added.
In 2016, the bank appointed GOVT Singapore as its creative agency. The pitch saw a mix of agencies from local and international firms vying for the account, with shortlisted agencies including The Secret Little Agency and Ogilvy & Mather.