OCBC bank shuts down mumstruly.com
Last year, OCBC bank, one of the leading financial services group in Southeast Asia, announced the launch of mumstruly.com, an e-commerce platform targeting mothers and mothers-to-be. Now, the site is down and according to a spokeperson, the bank has ceased the operation of mumstruly.com and is “working on something new.”
The initiative, which marked OCBC’s first foray into e-commerce, offered a range of goods and services, from health services to baby and motherhood products as well as wealth and insurance products. The bank chose to focus on moms and moms-to-be as a result of harnessing useful data about the specific demographic given its 80% market share in Children Development Accounts, and its experience in banking products for young families.
“Many say the tech giants are eating our lunch. With mumstruly.com, we intend to wrestle back our share of the pie,” said former Head of Consumer Financial Services at OCBC Dennis Tan in the announcement.
Bottom Line: Success in one domain doesn’t guarantee success in another.