HDB mortgage application forms are usually filled with terminology that most customers find difficult to understand. Acknowledging this, OCBC recently achieved the Crystal Mark for making its HDB Home Loan documents understandable and clear for customers.
The Singapore-based bank is the first financial institution in Southeast Asia to get the Crystal Mark of Approval from the Plain English Campaign, a global advocate for the use of plain English. This move corresponds with the bank’s aim to aid its customers in their financial choices with relevant, timely and clear information.
Banks have been notoriously criticised for their formality and use of jargon, which frequently confuse customers. The need for clearer documents was emphasised during the recent financial crisis, where investors experienced losses after opting to purchase financial packages they did not fully comprehend.
David McQuillen, Head of Group Customer Service at OCBC, said getting a mortgage is usually a once-in-a-lifetime occurrence for most people.
The bank is the recipient of six Crystal Marks for its HDB mortgage documents — the Letter of Declaration, Variable Letter of Offer and the Terms and Conditions. The accreditation of these documents recognises OCBC as the first company in the world to receive the Crystal Mark for all the documents used in its mortgage process.
Mr. McQuillen noted that while the original clause may be straightforward, OCBC found other ways to make it easier to understand and added that the new accreditation is “a defining moment for us”.
With the HDB Home Loan Documents receiving the Crystal Mark, OCBC is keen on placing more documents, such as e-mail messages, short message service (SMS) text and letters, through the Crystal Mark process.
“We will continue to build on this and continue to work on creating documents that are easy to understand,” he said.
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