DBS Bank has announced it is scaling up its branch transformation across Singapore to provide customers with socially-distanced, and more personalised branch banking services amid Covid-19.
Through the transformation, DBS has plans to boost self-service options, while still providing face-to-face assistance. The aim is to enable customers to perform complex transactions such as replacing their ATM or debit cards outside traditional banking hours.
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In addition, the bank 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.”
The transformation began with the DBS Takashimaya branch, which opened last month, and will continue to be rolled out across at least one-third of the bank’s branch network over the next 12 to 18 months.
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By GlobalDataNew DBS branches
The announcement comes as consumer banking preferences are changing – more and more they are looking for digital services that are accessible from home. According to DBS, 95% of its banking transactions are done via the DBS digibank mobile app or online.
The bank hopes the new branches will give customers access to more self-service options, such as Video Teller Machines (VTMs) or Branch Teller Machines (BTMs). These will enable customers to complete more complex transactions.
Furthermore, the new branches will feature more wealth planning managers able to provide personal financial planning consultations to help customers achieve financial wellness.
Shee also said that the bank is committed to supporting and serving those who are less digitally-savvy, including the elderly. As a result, the bank will continue to carry out workshops and literacy programmes to educate seniors on digital banking.
Shee added: “While many people are benefitting from the ease and convenience of digital banking, we are also cognisant that the less digitally-savvy, including some seniors, have yet to make the digital leap. As the bank that serves most of Singapore, it is our responsibility to ensure that everyone has easy access to banking.”
