DBS Bank’s digitalisation efforts, making the customer experience simpler and more seamless, have propelled it up the ranks. For the first time, DBS is now ASEAN’s strongest brand, and among the top 40 strongest brands in the world, based on Brand Finance’s “Global 500 2019” annual report.
According to the “Global 500 2019” report, DBS obtained a Brand Strength Index (BSI) score of 86.8 out of 100, up by over five points from 81.2. This translates to the bank being the 38th strongest brand in the world, up significantly from 144th in 2018. DBS’ brand strength now surpasses major global players such as Dove, Prada, Pepsi, Red Bull, Starbucks, Porsche, Emirates, Adidas and Nestle.
Brand Finance determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Customer perception comprises the largest portion of the BSI, with customers polled on their familiarity with the brand, consideration and preference of the brand, satisfaction with the brand, and whether they would recommend it to others.
Samir Dixit, Managing Director of Brand Finance Asia Pacific, said, “As ASEAN’s strongest brand, DBS has integrated technology and digital aspects in its core product offerings to enhance their consumer experience in a seamless and non-disruptive manner. Consumers are seeking disruptive solutions but not at the cost of a complete disruption to the customer experience. DBS has managed to balance this well and this is one of the key contributors to their brand strength and business growth.”
Along with the level of revenues, brand strength is a crucial driver of brand value. As DBS’ brand strength significantly improved this year, its brand value also grew, rising 38% to USD 9.02 billion.
Karen Ngui, Head of Group Strategic Marketing & Communications at DBS Bank, said, “DBS’ unrelenting focus on digitalisation is driven by the desire to make banking invisible so that our customers can enjoy a lot more life, with a lot less bank. Being named one of the top 40 strongest brands in the world, ahead of many established global brands, is testament to our focus on reimagining banking. We are honoured to once again fly the flag high for Singapore on the global stage.”
In 2018, DBS won more than 20 global awards including Global Bank of the Year by The Banker, Best Bank in the World by Global Finance, and World’s Best Digital Bank by Euromoney.
The Brand Finance “Global 500” is an annual study conducted by Brand Finance, the world’s leading brand valuation and strategy consultancy, and published in ‘The Banker’ magazine. The study ranks the world’s biggest brands by brand value using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO10668. The results of the study are reflective of global trends and future developments. The Brand Finance “Global 500 2019” report was launched on 22 January in Davos, Switzerland. The public version of the report can be accessed here.
DBS is a leading financial services group in Asia, with over 280 branches across 18 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 "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for ten consecutive years from 2009 to 2018.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. 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 26,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.