Last year, more than 2 million stand-alone balance inquiries were performed at ATMs each month. On average, a balance inquiry at the ATM takes 30 seconds to complete compared to 10 seconds via SMS Banking. By making it possible for customers to check their account balances via SMS, more than 15,000 hours spent at ATM today can be used for other transactions such as withdrawals every month.
Mr Louis Foo, Senior Vice President of Consumer Banking Group eBusiness, DBS Bank Singapore, said, “While customers are increasingly adopting internet banking, there is still a large number of customers using traditional channels such as ATMs or customer service hotline for balance inquiry. With SMS Banking, customers can use any mobile phones to perform simple banking transactions, thus saving time and eliminating the need to locate an ATM or call the bank.”
DBS has the largest base of online banking customers in Singapore with more than two million iBanking users and 850,000 mBanking users. DBS PayLah!, a mobile wallet introduced in May to make peer to peer payments easier, now has more than 180,000 registered wallets.
SMS Banking plays an important role in DBS’ mobile banking strategy as it extends the bank’s service offerings to customers who may not require the extensive capabilities of mBanking. Many consumers are also more familiar with the SMS function and have used SMS to make service requests or to participate in marketing promotions.
Said Foo, “Over the last few years, SMS adoption has increased across the bank as it is used as a marketing tool and for service alerts. SMS banking also has great potential as an alternative mobile banking channel that can close the gap between internet banking users and non-users. It allows us to cater to different levels of banking needs and make banking easier for our customers.”
In November, the bank will also introduce SMS remittances to India, Indonesia and Philippines for POSB Payroll Account customers, enabling them to remit funds at their convenience using SMS. The POSB Payroll Account is a salary crediting account for Work Permit (WP) holders, which can be opened as part of the WP application process with the Ministry of Manpower.
The number of remittances to India, Indonesia and Philippines has doubled over the past year. In August alone, there were more than 70,000 remittances made to these countries.
Customers can register for SMS Banking by texting “Register<space>NRIC/Passport number<space>Last 4 digits of your preferred account* number” to 77767. They will receive an SMS One-Time-Password (OTP) to confirm the registration. Customers will also be able to use SMS Banking to activate new cards or enable their cards’ magnetic stripe for overseas use without prior registration. For the full list of SMS Banking capabilities, please visit: https://www.dbs.com.sg/personal/deposits/bank-with-ease/sms-banking.
[End]
About DBSDBS - Living, Breathing AsiaDBS is a leading financial services group in Asia, with over 250 branches across 17 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's capital position, as well as "AA-" and "Aa1" credit ratings, is among the highest in Asia-Pacific. DBS has been recognised for its leadership in the region, having been named “Asia’s Best Bank” by The Banker, a member of the Financial Times group, and “Best Bank in Asia-Pacific” by Global Finance. The bank has also been named “Safest Bank in Asia” by Global Finance for six consecutive years from 2009 to 2014.
DBS provides a full range of services in consumer, SME and corporate banking activities across Asia. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. These market insights and regional connectivity have helped to drive the bank’s growth as it sets out to be the Asian bank of choice. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 21,000 staff, representing over 30 nationalities. For more information, please visit www.dbs.com
