Singapore Bank DBS Expands Digital Reach

DBS Bank Singapore

DBS Bank Singapore

Singapore’s DBS Bank is further upping the ante in the innovation space with the launch of «DBS digibank», a mobile app designed to make banking «simpler, smarter and faster for its customers».

In 2014, the bank made a commitment to investing S$200 million over three years in digital banking regionally and has since rolled out various initiatives to weave banking into the everyday life of its customers.

The new «DBS digibank» app delivers a groundbreaking «mobile-first» experience and builds on the bank’s efforts to innovate on its digital offerings to enhance the customer experience.

For the first time in Asia, bank clients will be able to view their account balances with a simple swipe on their mobile devices or Apple Watch. This function, called the «Peek Balance», does not require any pre-login and customers can choose to «peek» at any of their DBS/POSB deposit or credit card accounts. The «account balance enquiry» function is the most used among DBS’ customers across the bank’s platform, including ATMs, online services and its call centre.

Agreement With IBM Watson

«With increasingly tech-savvy customers and rising smartphone usage, we have designed our digital banking services to be innovative and nimble enough to address customer needs, and be able to provide an intuitive and relevant banking experience. It is about leveraging world-class technology to create a first-class customer experience,» said Pearlyn Phau, Deputy Group Head of Consumer Banking & Wealth Management, DBS Bank.

In 2014, DBS announced an agreement with IBM to deploy its Watson cognitive computing innovation to deliver a next-generation customer experience.

Since its soft launch on 14 March, «DBS digibank» has seen more than 200,000 downloads. DBS currently has the largest number of online banking and mobile banking customers in Singapore with over 2.5 million and 1.25 million users respectively, who account for over 1.2 million transactions daily across its digital platforms.

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