To make it easier for first-time home buyers to apply for housing loans, the Oversea-Chinese Banking Corp (OCBC) has rewritten in plain English its documents relating to HDB mortgages.
The move comes as OCBC secures the “Crystal Mark” from the London-based Plain English Campaign. The seal of approval, given to companies that are able to communicate effectively with the public in plain English, is becoming popular in Europe and the United States.
“Worldwide, the financial industry has a problem with communicating clearly. We don’t want our customers to feel like they don’t understand and they might be making the decisions that are not in their best interests. And that’s what we’re focused on – clarity,” said Mr David McQuillen, head of group customer experience at OCBC.
Earlier, an OCBC study showed that financial jargon and legalese were among the top turn-offs for consumers looking to buy financial products. The bank said the plain English initiative would be replicated for its private home loan segment, where clients are expected to put in the biggest investments.
OCBC’s housing loan portfolio accounts for roughly 25 per cent of its total loan book.
Source : Today – 1 Jun 2011
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