Singapore’s DBS Bank is doubling down on its use of synthetic intelligence (AI) and information analytics in a bid to offer retail prospects and buyers with extra personalised providers on their cell units.
The bank, one of many largest in Southeast Asia, stated such “intelligent banking” capabilities, progressively rolled out for the reason that begin of 2020, mix predictive analytics and customer-centric design to offer insights that may make it simpler for purchasers to handle their funds and investments.
Talking at a digital media briefing at present, Lim Sim Seng, DBS Bank’s group head of client banking and wealth administration, stated that by analysing the organisation’s huge trove of buyer information, the bank would have the opportunity provide funding proposals and suggestions on monetary merchandise.
“It’s not just a generic marketing offer – everything has to be hyper-personalised,” stated Lim. “This is going to differentiate what a great bank is versus what a good bank is.”
For example, Lim stated the clever banking capabilities within the DBS digital banking app can provide insights comparable to uncommon transactions in a buyer’s accounts and whether or not they have sufficient balances to automate invoice funds.
The identical capabilities within the bank’s iWealth wealth administration app might additionally advocate stocks that prospects might purchase in a particular sector primarily based on their funding portfolios or notify them about beneficial overseas exchange charges of their buying and selling accounts.
Amid the Covid-19 pandemic, extra DBS prospects are already utilizing the bank’s clever banking options to trace their private stability sheets, in response to Jeremy Soo, head of DBS’s client banking group.
“In the last six months, we found that many customers have made full use of this insight and realised that they have overspent,” stated Soo. “More than 33,000 of them have used this feature to change their spending habits and convert to a net saver.”
Lim stated the bank’s transfer to supply clever banking providers builds on the work it has completed since 2014 to digitise banking operations and providers. That features ongoing efforts to empower relationship managers with extra insights about their purchasers.
This can allow relationship managers to strike the fitting conversations with purchasers primarily based on their funding portfolios and pursuits, enabling them to be extra productive, stated Lim. “Their productivity will go up exponentially and they can serve their customers better,” he added.
In a developed market comparable to Singapore, the place there may be little room for development, Lim stated these clever banking capabilities will assist DBS win extra market share and deepen its engagement with prospects.
Requested how the bank measures the success of its clever banking capabilities, Lim stated the efforts ought to end in increased development in DBS’s price revenue, higher use of digital banking to purchase and promote equities, and a decrease quantity of buyer cellphone calls.
In keeping with DBS, the variety of funding transactions made through its iWealth app rose by 217% from June to August 2020 in contrast with the equal interval final 12 months, whereas the variety of prospects who signed up for its digibank cell app grew by 216%.