The bank is transforming its branches to cater to customers who want quicker, socially distanced and more personalized branch services, as more customers move to digital platforms amid Covid-19.
DBS' new brach at Takashimaya, which is co-located with a Guardian Pharmacy, is an example of how it envisions bank branches of the future: a plethora of self-service options, interactive touch-points, virtual teller assistance to perform branch services via live-video streaming, and enhanced personalized financial planning advisory.
«The pandemic has irrevocably changed the way most of us bank and has undeniably been a catalyst for us to transform further to cater to these rapidly shifting needs,» Shee Tse Koon, DBS Singapore country head, said in a statement.
DBS said it will roll out similar branches across at least one-third of its branch network over the next 12 to 18 months.
More Convenient
The bank's new branches will provide a «phygital» banking experience – a combination of digital banking services and human touch in the form of face-to-face assistance and consultations.
A video teller machine, which connects to a customer service officer at a central location.
While there are no bank tellers – there are only two to three «digital ambassadors» per branch – these new branches give customers access to branch services beyond traditional banking hours, with reduced waiting times.
There will also be interactive tools to engage customers with thinking about their financial planning needs, and more wealth planning managers to cater to the larger share of customers who are interested in financial wellness.
Changing Preferences
DBS said the new branches were conceptualized based on changing consumer banking preferences – some 95 percent of regular DBS banking transactions are now done digitally, and four in five customers now perform the most popular over-the-counter transactions online or at self-service machines.
According to DBS, monthly average visits to its branches have declined by 15 percent since Covid-19, and the monthly average over-the-counter cash deposits/withdrawals per branch have also dropped by 22 percent post-Circuit Breaker.
At the same time, DBS will step up its support and engagement with the less digitally savvy, including the elderly, in the form of workshops and literacy programs to ensure banking remains inclusive and accessible to all customers.
