New branch concepts provide quicker, socially-distanced, and more personalised banking services amid Covid-19
DBS announced it is scaling up the transformation of its branches across Singapore as customers seek quicker, socially-distanced, and more personalised branch banking services, and shift their banking to digital platforms amid Covid-19.
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In response to these shifts, the bank will boost self-service options, while still providing face-to-face assistance. This means that customers can more widely perform complex transactions such as replacing their ATM or debit cards outside traditional banking hours. To cater to the growing interest in financial planning and personal investment options, DBS will also enhance personalised financial planning advisory at the branches.
Shee Tse Koon, DBS Singapore Country Head, said, “Six years after we launched our digitalisation strategy, we’re seeing an unprecedented boom in digital banking adoption with customers shifting en masse to digital platforms amid Covid-19. The pandemic has irrevocably changed the way most of us bank and has undeniably been a catalyst for us to transform further in order to cater to these rapidly shifting needs. Our aim is to provide banking solutions that ensure customers’ lives and their access to both digital and physical banking services remain undisrupted. Our new branches will therefore complement our digital banking services to provide what we call a ‘phygital’ banking experience that retains our ‘human touch’ in the form of face-to-face assistance and consultations.”
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Changing consumer banking preferences
Today, over 95% of regular DBS banking transactions (e.g. fund transfers, remittances, bill payments) are now done digitally via the DBS digibank mobile app or digibank online. Compared to 2019, the bank has also seen twice as many new monthly active users on its digibank[1]services and double the number of outgoing PayNow transactions.
Self-service options also remain popular. Customers today perform four in five of the most popular over-the-counter transactions online or at self-service machines. With more people preferring to fulfil their banking needs online and at DBS self-service options, fewer of them are going to bank branches. Since Covid-19, monthly average visits per branch have declined by 15%[2], compared to previously. Customers have also been transacting less post-Circuit Breaker, with monthly average over-the-counter cash deposits/withdrawals per branch having dropped by 22%[3].
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