Singapore’s second-largest bank, Oversea-Chinese Banking Corp (OCBC), announced on Monday that it had restored all its banking services after experiencing a technical problem that affected various channels. The bank assured its customers that their money and data were safe and secure throughout the disruption.
What happened?
According to the bank, the technical issue started at 8.33 a.m. on Monday and impacted its consumer and business banking customers. The affected channels included ATM, branch, card, internet, mobile and Velocity services. The bank said it was investigating the cause of the problem and would provide an update as soon as possible.
The bank also said it was ready to deploy additional resources at branches and extend branch banking hours to assist its customers. It apologized for the inconvenience caused and thanked its customers for their patience and understanding.
How did customers react?
Some customers took to social media to express their frustration and anxiety over the service disruption. They complained that they could not access their accounts, make payments, withdraw cash or perform other transactions. Some also said they were worried about the security of their funds and personal information.
One customer, who identified himself as Mr Tan, said he was unable to pay his bills online and had to rush to a nearby branch to settle them. He said he was disappointed with the bank’s service and hoped that such incidents would not happen again.
Another customer, who gave her name as Ms Lee, said she was unable to withdraw money from an ATM and had to borrow cash from a friend. She said she was concerned about the safety of her account and wanted the bank to explain what went wrong.
How did the bank respond?
The bank posted regular updates on its social media accounts and website to inform its customers of the status of its services. It also provided alternative ways for customers to access their accounts and perform transactions, such as using other banks’ ATMs or PayNow.
The bank also assured its customers that their money and data were safe and secure throughout the disruption. It said it had taken all necessary measures to protect its systems and customers’ information.
The bank also apologized for the inconvenience caused and thanked its customers for their patience and understanding. It said it would conduct a thorough investigation into the cause of the problem and take steps to prevent it from happening again.
How did the regulator react?
The Monetary Authority of Singapore (MAS), the central bank and financial regulator of Singapore, said it was aware of the service disruption at OCBC and was in close contact with the bank. It said it expected the bank to restore its services as quickly as possible and ensure that its customers’ interests were safeguarded.
The MAS also said it would review the incident and take appropriate supervisory actions if necessary. It reminded all financial institutions to ensure that their systems were resilient and reliable, especially in light of the increasing digitalization of financial services.
How did this compare with previous incidents?
This was not the first time that a major bank in Singapore faced a service disruption due to technical issues. In May this year, DBS Bank, the largest bank in Singapore and Southeast Asia, suffered a 6.5-hour outage that affected its digital banking services. The incident was caused by human error during a system maintenance exercise.
The MAS subsequently imposed higher capital requirements on DBS Bank as a penalty for the incident. It also ordered the bank to take corrective measures to address the lapses that led to the outage.
In March this year, DBS Bank also faced another disruption that affected its online banking platform. The incident was caused by a network connectivity issue at one of its data centres.
