Bookmark   Print

DBS Bank

DBS Bank innovates on new frontier with real-time customer relationships

Innovative real-time customer interactions via mobile channel allow DBS Bank to reach out to their customers more securely, quickly and effectively.

Good relationships – with customers, partners and employees – are the key to any business.

Nowhere is this more visible or true than in the fast changing financial market, where hundreds of different new products and services – think of the latest platinum credit card promotion or credit loan service – jockey for the customer’s attention every month.

In such a dynamic market, the ability to reach out and interact with your customers at an immediate personal level is critically important: it helps you stand out in a crowded market space. Perhaps more importantly, it helps you keep savvy customers who might otherwise jump ship to other more responsive competitors.

DBS Bank, one of the biggest and most dynamic banks in the region, understands this.

Partnering with Hello Technology, they have made the move as early as 2003 and have continued to exploit real-time technology to the fullest in multiple areas. Through providing innovative ways to replace existing manual processes or create new business processes, DBS Bank has successfully foster closer ties to their customers in ways that could not be done before.

 

Internet Banking with Two-Factor Authentication via Mobile Phone

DBS Bank was the first bank in Asia Pacific to run Two-Factor Authentication via Mobile Phone for their internet banking service. They understood that Internet Banking customers wanted convenient, intuitive and easy-to-use security that would prevent them from being defrauded.

With Hello Technology’s help, DBS Bank implemented this in 2003 in Singapore to huge success, and has been deployed to its millions of internet banking user base. Besides giving peace of mind to customers, DBS also benefits from lower costs: internet banking is a cheaper self-service channel than bank tellers.

Mobilizing the Mass Consumers

DBS Bank is a pioneer in using the mobile medium to market their consumer banking services to their mass consumers.

The challenging objective is to achieve personalized, interactive and targeted services and yet, scalable to the mass consumer base.

The fact that mobile phone is a personal device to each consumer individually represents a golden opportunity to build that relationships. However, doing it right is crucial without intruding into the privacy of the individual.

By developing and enforcing best practices with Hello Technology, DBS Bank has been able to mobilize their consumer base with innovate services that leverage a combination of following elements below:

For example, when DBS opened a new branch office in a specific town area, all their customers living within the vicinity were selectively properly informed in real-time with well targeted offers. Such targeted marketing is difficult to do – not to mention much more expensive – using other mass mediums like TV or radio.

Other example includes a web portal lifestyle site DBS ME where consumers can buy a variety of different products – from Apple iPods to spa salon treatments – using their credit cards.

These are just some of the simple examples. Over time, more and more refined and systematic processes were innovated to acquire new customers and keep existing consumers.

Responsive Customer Relationships for Corporate Banking

DBS Bank has also taken the automation of their processes beyond consumer banking into corporate banking which deals with more business-critical transactions.

For example, DBS offers a service that allows corporate customers to be notified by fax and email advice for relevant transactions. By providing customers with this service, they offer customers assurance that their critical business transactions have gone through.

These real-time processes enables more responsive service to the customers and over the long run, allows the bank to differentiate with the ability to support real-time customer service.

Benefits

Using Hello Technology’s REALTIME platform, DBS Bank is able to scale and conduct hundreds of thousands of interactions – via SMS, email, fax and pager – per month with their customers, allowing them to reach a large audience almost instantaneously and appropriately. The increasing usage trend is a good endorsement of the return of investment that these services offered to customers.

What is Two-Factor Authentication via Mobile Phone?

Two-Factor Authentication is a security process in which the user provides two means of identification, one of which is typically a physical, such as a mobile phone/SIM Card or a card, and the other of which is typically something memorized, such as a security code. An example of Two-Factor Authentication via Mobile Phone is the concept of One-Time-Password delivered using SMS to the user’s mobile phone to authorize a particular transaction.

Find out more on Two-Factor Authentication

  Back to top