Although the acronym stands for something else DBS likes to refer to it these days as the Digital Bank of Singapore. Its latest innovation in Hong Kong fits that description.
DBS Bank in Hong Kong launched DBS Home360, the first banking mortgage app in Hong Kong leveraging the power of virtual realty. The Singapore headquartered bank wants to revolutionise the way people embark on one of the most important decisions of their life, buying a home.
Partnering with Century 21, DBS Hong Kong developed the app as part of the bank’s continuing drive to leverage mobile technology to make banking more interactive and intuitive for customers.
One Stop
Homebuyers typically have to gather property-related information through multiple channels and evaluate suitable options, while obtaining a preliminary sense of the affordability of a property.
If a customer likes the look of a property they can tap a budget calculator to get an estimate of how much they can expect to pay, including stamp duty, commissions and other fees. Then they can see if they qualify for a mortgage before following up with a bank staffer.
«We developed DBS Home360 as an innovative, interactive and intuitive way to put the power of realtors and banks at your fingertips,» said Royce Teo, managing director and head of Consumer Banking Group and Wealth Management, Hong Kong, of DBS Bank (Hong Kong).
Ongoing Digital Investment
In 2014 DBS made a commitment to invest $200 million over three years in digital banking. 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. This year, more than 5,000 DBS employees have been exposed to agile methodology and other digital concepts.
