New digital technologies (mobile, social, big data) are powerful tools available to banks today. But we are not enamoured with technology for its own sake. Instead, we are focused on how we can create joyful banking experiences for customers. To do this, we place ourselves in their shoes, focus on their needs and ensure we know what the real "customer job to be done" is. We look at their journey with us from beginning to end, and apply human-centred design to develop relevant solutions. We believe that embedding ourselves in the customer journey and embracing digital form a potent combination that will make banking increasingly simple and seamless.

At the start of the banking relationship

Today, retail, wealth and corporate customers can open accounts with us through their mobile devices, anytime, anyplace. We are digitalising our customer on-boarding processes to be simple and intuitive, by simplifying forms, pre-populating fields on behalf of customers, and automating the entire process so that starting a bank relationship can be done almost instantaneously.

The strategy is paying off and we are increasingly acquiring new customers digitally in SME, credit card and unsecured banking. Even in private banking, which is a high-touch business, the digital option has been well-received. In 2015, 16% of new wealth customers opened accounts with us digitally. 51% of SME customers in Singapore did the same through our Online Account Opening Service. Online account opening saves them significant time, with the process now taking 15 minutes compared to the industry average of one or two hours.

Day-to-day payments and transactions

We are investing in capabilities to simplify day-to-day banking. We are re-designing our operations to drive straight-through processing and instant fulfilment for customers. This also results in lower costs for us.

Simplifying day-to-day banking for customers is an ongoing journey, but we are already seeing success with some of our recent initiatives. For example, with DBS Remit, customers can instantly send funds across markets while on the go. This service has gained popularity and, today, over 90% of remittances are done digitally.

With DBS PayLah!, customers are able to make payments to friends and merchants easily with a few simple clicks on the phone. Our digital services allow customers to get instant approval for credit cards or receive an unsecured loan approval on-the-spot. In a first-of-its-kind service, SME owners are also able to apply for up to 11 types of loan products with no signatures required. They can track the application in real time and obtain instant notifications on the progress of their loan application.

Stronger digital engagement to help customers with their decisions

We seek to seamlessly integrate banking into our customers' everyday lives so that banking becomes simpler, and they have more time to spend on people or things they care about.

With the DBS HomeConnect app, we engage customers during their house hunting process, giving them information such as the last transacted price, rentals and the nearest amenities, on their phones. The app contains a loan calculator to help customers work out the financing required. They can also contact a DBS loan specialist via the app.

SMEs in Singapore are able to access an online business community through our DBS BusinessClass app. The app connects them to 15,000 members and the brightest business minds in Asia. It also links them with tech start-ups to facilitate the adoption of new technologies to enhance productivity. We are currently regionalising the app to facilitate cross-border connections and support mass-scale virtual events.

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