3 Ways DBS Group Holdings Ltd Is Riding the Digital Wave
DBS Group Holdings Ltd (SGX: D05) is investing big into digital banking.
In its latest annual report for the year 2016, Singapore’s largest bank said that it had invested S$5 billion over the past few years to facilitate a move into the digital sphere. The sizable investment is for a good reason.
DBS Group said that consumers and small and medium enterprises (SME) that engage with it digitally provide two times more revenue on average compared to other groups of customers.
In its annual report, DBS Group also shared three ways it is riding the digital trend in the banking world:
1. The bank was the first to launch an online and mobile wealth management service for its DBS Treasures customers (clients with a minimum deposit or investment of S$350,000). With its iWealth app, clients are able to invest in foreign exchanges, remit overseas funds and get custom insights. DBS Group reported that over 70% of its wealth clients use online and mobile banking services.
2. Over in Hong Kong, DBS Group has around 140,000 DBS Omni customers. DBS Omni is described as a first-of-its-kind credit card app that can be used to track your personal finances, redeem cash rebates, and view your credit card transactions. More importantly, the bank said that DBS Omni users spent almost three times more than other card holders.
3. SMEs are also going digital. DBS Group reported that over 60% of SME customers open their accounts online. According to DBS Group’s website, SMEs can open an account in five minutes with as little as $1,000. Online banking and mobile app banking is free together with the account.
The three ways above should how there are tangible benefits for DBS Group to go digital.