«Something very special is happening in the wealth world,» said Tan Su Shan, Group Head of Consumer Banking and Wealth Management at DBS Bank, as she announced her banks latest digital offerings.
On Monday 13th February Singapore's largest bank will launch DBS iWealth, an enhanced digital platform for the banks wealth management clients.
The upgraded platform will allow clients to conduct their banking transactions, manage their wealth and also trade on a single platform, either via a mobile app or on a pc, the bank said in Singapore today.
Built From The Bottom Up
In constructing the DBS iWealth, the bank adopted usability testing, human centred design and an «Uber» like ratings system to solicit constant feedback from clients.
The bank tested the new offering with 3000 clients, leveraging Big Data, biometrics and intuitive design. Neal Cross the Chief Innovation Officer at DBS has also been involved in expediting many of the banks new client focused initiatives.
Having seen the product up close in the bank's Marina Bay headquarters there isn't much it can't do for the average or not so average wealth client, and it is extremely fast.
Next Digital Investment
The bank says that to date over 70 percent of its wealth clients are online and mobile banking users with the bank, actively managing their wealth on these digital channels. In 2016 around 25 percent of new wealth clients were acquired online via DBS iWealth.
In 2014 DBS made a commitment to invest $200 million over three years in digital banking. As the bank reports its 2016 full year results next week it will be worth watching for any update on further financial undertaking into more digital innovations.
Piyush Gupta CEO of DBS Group, was an enthusiastic early adopter and embraced the move to digital. Last year the bank opened DBS Asia X. Located at the Sandcrawler Building in Fusionopolis, a 16,000 square feet innovation space.
