“At DBS, innovation is not limited to the technology we use; it’s embedded in our DNA. It’s reflected in the way we work and the customised solutions we create for our clients.“
-Piyush Gupta, CEO of DBS Bank

Delivering exemplary customer experience is a constantly evolving and iterative process. DBS Bank is at the forefront of driving excellence through digitisation across all customer and employee journeys. Through its keen eye on leveraging technology, DBS has greatly enhanced transparency in trade finance transactions, engaged better with consumers and further strengthened its relationships and trust with all stakeholders.

Predictive data analytics and machine learning algorithms help to identify potential risks and fraud in transactions, improving overall risk management and reducing financial losses. This has bolstered the customers’ confidence in the bank making it a clear global and regional leader in digital banking.

DBS establishes global benchmarks as a leading digital bank

DBS has won several global accolades as a digital transformation leader. It has helped defined several benchmarks in digitisation scores across customer acquisition, engagement and development of ecosystems. It has an industry-leading IT spend as percent of revenues. We categorise the best practices across the four pillars of the twimbit CX benchmarks. While the attached report has a full review of its strategy and initiatives, a quick summary is below.

DBS continues to excel in CX with initiatives across the four pillars, proving its continued success in delivering great experiences

twimbit developed a framework enabling a comprehensive assessment of the companies, resulting in the top 10 list of Asia Pacific companies to ace CX. DBS Bank is the only bank in Asia Pacific to make the list. The framework necessitates implementation excellence across four distinct pillars as outlined in the exhibit below.

1. Digital experience

The accelerated shift to digital has led today’s consumers to opt to go digital for their everyday banking needs. However, customers often struggle to navigate the digital sphere of digital platforms that many services tend to offer because of their lack of accessibility and convenience.

DBS acknowledges this, integrating the need to go digital as a critical component of its overall experience strategy while ensuring a seamless and personalised user experience. As a result, it strives to create a seamless interconnected network of digital platforms and products with applications such as:

• 1. DBS digibank – Flagship app to manage different customer journeys in one place.

• 2. DBS Paylah! – Lifestyle app for customers to perform common, everyday transactions

• 3. DBS mtrading – Trading app enabling investors to enter the market and trade with confidence effortlessly.

This digital ecosystem covers all customer touchpoints for a transparent and seamless customer experience. The bank’s continued vision in digital innovation has empowered growth and expansion in its applications. For instance, the DBS digibank app won the “Best Mobile Banking App” from Asian Banker and the “Best E-Wallet” at the 2021 Global Brands Awards.

DBS differentiates itself from its competitors, providing customers with a unique value proposition through a digital experience.

2. Customer service

The constant change in customer expectations, increasing competition and the bank’s strategic goals excited DBS to switch up and elevate its customer service. Vowing to become the “bank of the future”, DBS invests heavily to upscale its in-person and digital capabilities.

Some of its initiatives to elevate its customer service include:

• Voice recognition technology

Customers struggle to remember complex passwords, proving DBS needed to change its older systems. Voice recognition enabled its call centres to improve customer experience with unique voice patterns, reducing verification times and enhancing overall security. Now, DBS makes it easier for customers to access their accounts instantly, allowing them to acquire helpful services in a blink.

• Biometric authentication

DBS uses biometric authentication to improve banking security and remove friction. Consumers can now use fingerprints or facial recognition to log in and complete transactions without passwords or PINs.

• Video teller machines (VTMs)

ATMs in DBS branches have video conferencing features to let consumers chat with a live teller while banking. In addition, customers can get specialised help without visiting a branch.

DBS’s “phygital” approach and innovative technologies have allowed the bank to provide a smooth and personalised banking experience for its customers, whether they bank online or in person.

3. Employee experience

DBS continues investing its employees to remain competitive and foster automation, increasing their capabilities to influence the banking industry.

• A future-ready workforce

With over 1.2 million hours of training, DBS equips its 33,000-strong workforce with the necessary skills to navigate the digital age and remain competitive. The in-house academy also ensures its employees are open to various upskilling programmes. DBS improves it further, partnering with major technology businesses and institutions to create online courses and training programmes.

• Open feedback

Honesty and open communication are pillars DBS strives to improve for better organisational growth. Implementing a performance management system with frequent feedback sessions for managers and staff has led to tremendous growth. Now, they can review their goals and performance, identifying potential growth areas.

Furthermore, DBS has made 360-degree feedback accessible, ensuring employees receive broad and constructive input from their peers and superiors, painting a comprehensive picture of their performance. On top of that, the bank has created training programmes for managers and staff, resulting in a constructive feedback loop.

The DBS feedback policy desires employees to learn, grow and improve, championing a development-first attitude in an environment of open communication, constant learning and progress.

4. Brand experience

Customers are increasingly eager to do business with brands that promote sustainability and environmental responsibility. In response, DBS incorporates sustainable practices into its operations.

• Aligning with the public through their sustainability agenda

A suite of sustainable finance products, including green bonds and sustainability-linked loans, reflects DBS and its dedication to supporting the clients’ ambitions of going green while being sustainable. With several initiatives to reduce waste, conserve water and increase renewable energy use, DBS intends to convey itself as a sustainable-first bank.

The “Live More, Bank Less” initiative denotes the bank’s commitment in encouraging customers to live sustainably. DBS has also maximised its technology to build a community on the “Sandbox”, a metaverse platform, encouraging immersive experiences to educate its consumers on sustainability.

Prioritising its brand experience in sustainability, DBS ensures that it constantly discovers new ways to improve its environmental and social impact. Consumers want to build a brand that centres on sustainability and environmental responsibility, and DBS acknowledges this through its sustainable finance products, initiatives, and marketing.

Learn how you can match up with DBS

To match up with DBS, we have established that you must shift your perception to become the brand you aspire to be.

“We act less like a bank and more like a tech company.”

-Piyush Gupta, CEO of DBS bank

Key takeaways in how DBS delivers a holistic CX across the four pillars:

• Continuous product innovation to cover customer & employee touchpoints.

• Focus on creating an end-to-end journey for your customers with ease.

• Foster an environment of upskilling and open feedback within the organisation.

• Embrace the moral and societal values that your customers would support.