DBS Bank has launched “DBS Wealth Chat” service through WhatsApp and WeChat to allows its wealth clients to interact, exchange ideas and transact with their relationship managers. This was developed in partnership with regulatory technology start-up FinChat.
According to DBS, this is in a bid to allow for speedier service delivery to clients as well as enhance the ease and quality of relationship manager to client interaction. With the launch of this service, DBS said that an estimated 10,000 man-hours can be saved on a yearly basis.
The DBS Wealth Chat leverages DBS’ digital capabilities to allow clients to use their existing instant messaging platforms to access DBS’ wealth services while complying with standards. Relationship managers will have to register their clients in a private chat group with the bank which will then set-up an administered unique chat group between the client and the relationship manager. Upon initiation, conversations and file exchanges within the chat group will be archived by the bank without any intervention required from the relationship manager.
In the first phase, DBS will begin to register and onboard interested wealth clients in Singapore on the service, where content such as DBS chief investment office reports, research insights and ideas, and exclusive invitations will be shared. Following these content, additional investment-related transactions such as trade placement will be introduced in 2019.
Tan Su Shan, group head of consumer banking and wealth management of DBS said that the bank recognised the apps and services its customers use and went towards that direction to provide banking services while still maintaining client privacy and keeping its security requirements.
“With DBS Wealth Chat, we can now meet both the communication needs of our clients and regulatory requirements. We look forward to realising the full potential of this tool, and to introducing more industry-leading solutions to our clients,” she added.
Marketing has contacted DBS Bank for more information of its marketing efforts.
Most recently, DBS Bank appointed former Jabra marketing head Saurabh Singhal as executive director, head of regional marketing. In this newly-created role, he reports to Sivea Pascale, managing director, regional wealth, segments and marketing.
Following the appointment, Singhal will be tasked with leading regional marketing for DBS’ consumer banking group across six markets. These markets are Singapore, Indonesia, Hong Kong, China, Taiwan and India and will see him being based in Singapore. He will also help drive DBS’ expansion in these markets in a bid to make DBS the bank of choice, a statement read.
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