Our Commitment to Customers
DBS is committed to being transparent with our customers to build trusted and rewarding relationships.
DBS recognises the value of enduring relationships; understanding customers’ lifestyles enables us to constantly innovate to better meet their evolving needs and strengthen relationships.
Strong and lasting relationships are built on trust. This trust is earned through several ways, not the least of which is making sure that we only sell our customers products that are suitable for them, keeping them fully informed, and being responsive to their needs. We will promptly respond to customers' enquiries about the terms and conditions of banking services and, in particular, bank charges. We will at all times comply with any applicable banking code, as well as any specific policies of DBS on fair dealing, and disclose to customers the terms and conditions of services provided, the risks of any transaction entered into by customers, and our charges and fees.
At DBS, we continually review our processes and practices to ensure that we only offer financial solutions that are relevant to our customers changing needs. We have introduced many DBS firsts to take the lead and demonstrate that we are open and transparent with our customers. For example, our unit trust advertisements do not have any more fine print, unlike the industry norm. In 2009, we reduced the sales charge on unit trusts to 1% and increased the cooling off period to 14 days, double the industry norm of 7 days. In 2010, we also introduced Singapore's first Internet Banking guarantee, whereby customers will be reimbursed in full, in the unlikely event of unauthorised transactions.
In 2010, DBS introduced Livefresh, the first credit card in Singapore to offer Visa payment, Visa payWave and EZ-Link services in a single card, offering the speed and convenience of contactless payment. Together with Octopus and China UnionPay, DBS Hong Kong unveiled its innovative first-in-town DBS Octopus ATM Card that combines the functions of ATM card with Octopus’ contactless smart card.
Since 2009, POSB and the Council for Third Age (C3A) have teamed up to address the financial needs of baby boomers and older Singaporeans, starting with three initiatives: POSB Active Neighbours Programme; Financial Literacy for Seniors and Ageing has its Privileges.
As DBS extends our franchise across Asia, we will continue to do our part to build a better Asia. We remain committed to giving back to the community, investing in our people and workplace, and looking at ways to better serve our customers.