Targeting a crop of younger and mobile customers, a home-search mobile app, i.e., the HomeConnect app was launched in 2013. Homebuyers could check a property’s valuation by pointing their mobile at the building to access transaction prices in the area and the estimated monthly loan repayments. The DBS Quick Credit app also allowed customers to apply for unsecured loans on their mobiles and receive instant updates on their applications. The app’s optical character recognition technology enabled customers to submit the necessary information easily to the bank by scanning their relevant documents directly. Users of DBS’ mobile banking platform saw exponential growth from 225,000 new users, when it was launched in 2010, to 1 million users in 2014, and over 24 million and 11 million transactions made via Internet and mobile, respectively, each month. 34 Swiss research rm, MyPrivateBanking, named DBS the world’s best for mobile apps strategy in 2013-2014. Advanced analytics Another focal area of its technology-led innovation was in advanced analytics. A new analytics competency centre was set up to accelerate the drive of its Business Analytics Master Plan as DBS sought to deepen its understanding of customer footprints for more personalized interactions. Two new advanced data analytics partnerships were initiated. First, DBS would harness big data through IBM’s Watson cognitive computing technology, which would be deployed to wealth management and subsequently be rolled out to other business lines. The Watson Engagement Advisor solution involved the use of arti cial intelligence to glean insights on market research and transactional behaviours in guiding relationship managers to offer advice tailored to a client’s risk appetite and desirable investment portfolio. The second collaboration was with Singapore’s A*Star Institute for Infocomm Research, which had over 600 scientists and engineers, to further develop the bank’s analytics capabilities. Social media Not all innovation projects were championed from DBS corporate HQ in Singapore. The culture of innovation was also actively fostered in its regional of ces. uGOiGO™ was an online time deposit group- buy campaign started by DBS Hong Kong in 2013, targeting affluent customers using social media. More attractive tiered interest rates for time deposits would be triggered once the deposit amounts hit speci c targets. The uGOiGO™ microsite generated over 64,000 page views and acquisition of new DBS Treasures customers grew 147 times compared with the traditional means of customer acquisition. Total new deposits exceeded the original goal by 80% and many of these customers were new to DBS. The viral effect of the group-buy campaign was so effective that the idea was quickly trademarked and replicated across the region. In Singapore, the campaign met its 100% target in just ve days. Social media was also actively tapped as DBS made an effort to connect with the community’s local culture and social networks in its regional marketing initiatives.
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- Summer '17
- steffen juranek
- Case Study, Deakin University, Asian Business Case, Business Case Centre, DBS Bank