By mapping its business strategies based on client journeys and client emotions, DBS Bank is building capabilities that will help it become more proactive with customers.
Data, due diligence, democratization and digitization – these are the core aspects of providing financial services to contemporary customers, according to Priyashis Das, Head – Branch Banking and Wealth Management of DBS Bank India.
Banking has become invisible with the growing use of technology. Customers, whether salaried professionals, ultra-high networth individuals (UNHI) or emerging affluent, often don’t see their banks, or choose not to see them. All they need are regular alerts to stay informed as they focus on other aspects of their life. DBS Bank summed this best in its tag line ‘Live more, bank less’.
Das explained that the company always places customer intent and interest in the foreground while coming up with solutions that can meet a client’s individualistic financial aspirations. “The process is more important than the product. Before mapping out a customer’s portfolio, we discuss their risk attitude, time period for returns, liquidity concerns and financial goals. Within this process, we consider four things. The first is data – how much can be given to help them take a decision since everyone is time-pressed. The second is democratization – is it easily available. The third is whether it can be digitally served. And the over-arching aspect is due diligence,” he explained.
DBS Bank also maps its business strategies based on client journeys and client emotions. “We constantly question ourselves on things like, if a client has to take a five-tap journey in wealth solutions, is it alright or can we do something else? Are they happy receiving returns for mutual funds on the phone, spanning from one day to three years? Every time we checked whether our solutions are helping them, customers gave us a thumbs up, but also shared areas for improvement,” Das stated.
These included a wider physical network, which explains why DBS Bank tripled its network from 12 branches in 2018 to 30 till December 2019. Another feedback was to leverage data better, a domain that the consumer-banking entity accepts has no end for improvement. This is especially since India is becoming data-rich and customers are more comfortable using technology to access banking on-the-fly. Proud that DBS has always been a data-first bank, Das said that the financial institution constantly considers ways to create technologically sound and innovative solutions.
This is where the company will focus its attention in 2020, while tapping the potential of the emerging affluent segment. It believes that it is well placed to meet the needs of these consumers with its digital proposition.“If they need mutual funds, we can give entire research on the app. They can tap and buy loans and insurance on the app and can make UPI-driven payments too. And with the best interest rates too!” Das exuberantly said.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.