DBS Bank reveals doubling down of intelligent banking capabilities

By Edil Corneille

Singapore’s DBS Bank announced its intention of doubling down on its Intelligent Banking capabilities across the bank’s digital banking services. The announcement comes at a time where Singaporeans are not only shifting to, but also sticking with, their mobile phones and online platforms for everyday banking and wealth management needs.

With features being progressively introduced since early this year, as revealed by the bank, DBS’ Intelligent Banking capabilities combine predictive analytics and customer-centric design to transform data into hyper-personalised, intuitive – and unintrusive – insights that simplify the way customers manage their finances and investments. Since then, the bank’s Intelligent Banking engine has generated up to 13 million insights a month across its digital banking services that have helped customers to improve their financial planning, uncover blind spots in their monthly expenditures, and even make timely investment decisions.

DBS has mentioned that by the first quarter of 2021, it will have rolled out to customers a slew of Intelligent Banking features, many of which are industry-firsts. These include suggestions on equity stocks tailored to a wealth customer’s investment pattern, and prompts that speed up everyday banking functions so customers can perform their transactions with a single tap or swipe on their mobile phones, such as paying their monthly bills in one go.

Between January and May this year, transactions on retail digital platform DBS digibank surged by 220 per cent compared to the same period last year. Likewise, transactions on DBS’ wealth digital platform DBS iWealth, also jumped by 198 per cent year-on-year (YoY).

The DBS digibank offers personalised financial planning insights with NAV Planner enabling customers to plan and monitor financial goals. DBS digibank notifies customers in an event of any unusual or higher-than-normal bill payments. Between June and August 2020, an average of 48,000 customers per month benefitted from these alerts.

DBS iWealth will roll out a range of smart triggers for investing which will bring together the bank’s market insights, research expertise, and data-driven understanding of customers’ individual investments and preferences.

Sim S Lim, Group Head of Consumer Banking and Wealth Management at DBS Bank said, “DBS’ digitalisation journey, which began more than six years ago, has always been centred around our customers…Through our Intelligent Banking capabilities, we have been laser-focused on delivering helpful and actionable insights that guide customers to make more informed financial and investment decisions – decisions that are even more crucial amid today’s uncertainties. Our aim is to not only improve our customers’ finances, but also to ultimately be of tangible value to their lives.”

ALSO, READ: Wealth Management and Private Banking Systems Report 2020