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DBS Bank - Coggle Diagram
DBS Bank
- How DBS dealt with challenges
a) Piyush's new vision
Piyush brought in 2009 a new vision of growth strategy, based on 5 pillars (to cultivate competitive edge, to leverage technology and to provide a distinct brand):
- Asian relationships
- Asian insights
- Asian innovation
- Asian connectivity
- Asian service
b) Radical rewiring
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Advanced analytics
i. New analytics competency centre was set up to accelerate the drive of its Business Analytics Master Plan as DBS sought to deepen its understanding of customer footprints for more personalized interactions
ii. Two partnerships – IBM Watson & Singapore’s A *Star Institute for Infocomm Research
Social Media
i. uGOiGO online time deposit group-buy campaign started in 2013 which generated over 64,000 page views
ii. Launched stickers featuring its mascots, ‘forex experts’Xing and Jaan for LINE (Taiwan’s most popular social networking app)
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iv. Engaged the tech startup community such as Startupbootcamp FinTech accelerator programme in Asia
v. Organised a series of hackathons in 2014-2015; over 250 of its selected employees worked with 160 startup members and developed 50 prototypes to solve future banking challenges
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5) Failed to acquire Bank Danamon Indonesia (nation’s sixth-biggest bank with 3,000 branches (in addition to its 280 branches across 18 countries)
6) Need to leverage digital technology (over 700m digital banking users in Asia in 2014 and expected to grow to 1.7bn by 2020) – Generation Alpha consumers
1) $600m savings achieved in the first year through T&O division (staff encouraged to contribute with process improvement ideas
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3) New wealth management platform to better service each customer segment (which doubled from $506m in 2010 to $1.1bn in 2014)
4) IDEAL 3.0 internet and mobile banking platform launched in 2012 (region specific solutions e.g. language)
5) DBS was able to stay responsive to business demands through the active development of its strong competency in technology integration (“we need that in-house. We can’t be outsourcing our brain”
6) Developed analytics to predict customer usage and withdrawal patterns for each machine which helped to optimize cash reloading schedule
7) First bank in Singapore to implement voice analytics technology in 2012 to better address customer needs and pre-empt complaints (saved the bank about 107 staff hrs a year)
8) Incorporated human-centred deisign thinking to reimagine the new customer experience – customer journey design laboratory established in 2013 to put staff in customer’s shoes.
9) Captured the customer need for a SMS banking service through observing customer time spent on checking account balance
10) Digital services in the waiting area, quick serve counter and consultation pods (95% od interaction can be done without the person leaving their seat
11) Introduction of SMS Q service where customers can obtain a queue number and estimated wait time prior to a branch visit (resulted in double digit sale growth for bancassurance and investment products at the branches)
1) Keep screening the market and try keep ahead of main competitors e.g. Alibaba - such tech and online companies are not regulated in the same way as banks
2) Inside-out focus at present – digitizing the bank; maybe to invest in an outside-in to see how they can behave like a tech company
3) As Gupta says, DBS has “To stay ahead and to stay relevant, we have to keep testing and trying new things, and we cannot be afraid to fail. If we fail, we need to fail fast, learn from it and move on to the next thing”
4) “We have to learn how to change our clothes while running around the hall” - change can be exhausting for staff so DBS needs to be careful in how to manage staff fatigue
5) More focus on deep defense multi-layered security controls – not much mentioned about this aspect in the paper
6) Will the shift towards digital push the online presence more than “in branch presence’’, therefore ATMs, Kiosks or counters will no longer be that utilized – how will this impact on staff numbers in branches?