DBS announced on September 21 that it is increasing its intelligent banking capabilities across its digital banking services amid the surge of digital adoption since the onset of Covid-19.
The bank’s intelligent banking capabilities combine predictive analytics and customer-centric design to transform data into personalised insights that let its customers manage their finances and investments in an uncomplicated manner.
So far, the bank’s intelligent banking engine has helped customers to improve their financial planning, uncover blind spots in their monthly expenditures, and make “timely investment decisions”.
DBS says that it will have rolled out a slew of intelligent banking features, which include suggestions on equity stocks tailored to a wealth customer’s investment pattern, by 1Q21.
According to the bank, transactions on its retail digital platform DBS digibank surged by 220% y-o-y between January and May this year. Likewise, transactions on its wealth digital platform DBS iWealth, spiked by 198% y-o-y.
The bank noted that its customers’ digital banking activity continued to hold up even after the circuit breaker measures eased in June.
Customers are also going digital when transacting.
For the period of June to August 2020 alone, cash volumes plunged by 34% y-o-y, a reduction of some $7 billion in three months.
In comparison, the bank saw a decrease of about 5% y-o-y on average from 2017 to 2019 in cash volumes being handled, which translates to a reduction of around $5 billion a year.
“As Singapore’s largest digital bank, it’s important that we stay ahead of the curve and continue to innovate – to ensure that our digital solutions not only meet our customers’ needs, but also anticipate them and actively offer solutions, so banking becomes a seamless part of their lives,” says Sim S Lim, DBS’s group head of consumer banking and wealth management.
“Through our Intelligent Banking capabilities, we have been laser-focused on delivering helpful and actionable insights that guide customers to make more informed financial and investment decisions – decisions that are even more crucial amid today’s uncertainties,” he adds.
As at 3.51pm, shares in DBS are trading 1 cent lower, or 0.05% down, at $20.04.
