South-East
Asia’s largest lender DBS has a new branch. With an admittedly
different name no less. But that is not all that is different about
DBS Remix.
For starters, it is a bank
branch for the youth designed by the youth. And it has all the
right buttons to push – quite literally – to attract more young
adults, being almost 100% paperless.
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In 2010, DBS launched the
I-Designed-A-Bank branch contest to engage and connect with the
youth. The contest resulted in more than 80 
design
submissions, with four out of five entries from those under the age
of 26.
The winners of the contest,
Kenneth Koh and Colin Chew, have been key in executing the new
branch design and giving the concept of DBS Remix physical
form.
DBS Remix aims to expose
customers to a brand new digital experience, combining interactive
touch screens and e-processes and giving customers a more
customised service. There is, however, a larger objective behind
setting up this snazzy, techno-savvy, new DBS branch – financial
literacy among the younger generation, co-creation, and digital
innovations.
Singapore already has bank
branches particularly targeted at the youth with OCBC Bank
launching their FRANK store in May 2011 as part of their banking
programme for the youth and young working adults segment – ‘FRANK
by OCBC’. FRANK’s concept is modelled after a shopping experience
that the youth are familiar with, serving customers in FRANK retail
stores instead of OCBC Bank branches. FRANK also uses Facebook to
engage with its customers through regular updates on financial
tips, promotions, relevant discussions and more.
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By GlobalDataA partnership with
Singapore’s popular entertainment venue SCAPE gave DBS an
understanding of what worked for the youth segment.
Jeremy Soo, managing director
and head of Singapore consumer banking group DBS Bank, tells
RBI: “The DBS Remix team partnered SCAPE to provide young
adults with a portal to discover, educate and push their own
boundaries. The three key themes – co-creation, financial literacy
and digital innovations – were developed as we gained deeper
insights into young adults through the course of these
interactions.”
DBS Remix officially begins
operations on 1 October 2011 but it has already garnered lot of
interest from its primary target segment with more than 36,000
‘likes’ on its Facebook page.
DBS has used Facebook, this
year specifically, to engage the youth even further by promoting
contests and events.
Moving away from the
conventional bank branch, in look and feel, DBS Remix is divided in
two distinct spaces. The Interface takes form of a fast-paced
digital chamber, allowing for quick access to self-service banking
and information during the day.
The Vortex is a digital
banking lounge that transforms into a networking and seminar space
after hours, where young adults can participate in financial
literacy programmes and co-creation projects that help them develop
money management skills and explore opportunities.
Soo says: “It is here that
they will get to share ideas, build aspirations, connect with the
who’s who of various industries, and gain insights.”
Digitally innovative bank
branches exist in other parts of the world as well. For instance,
in February 2011, National Bank of Greece (NBG) rolled out its
first concept branch dubbed i-bank store, with more i-bank branches
to follow, showcasing NBG’s electronic services, and offering
“e-
banking’s true
physical form”.
DBS Remix had its soft launch
in mid-August with a ‘Blog Party’ where bloggers were invited to
experience the branch’s offerings.
“The bloggers took part in a series of workshops where
industry leaders shared personal experiences about how financial
literacy played a part in their personal and professional
development,” said Soo.
