DBS Bank Ltd aims to deliver banking that is simple and invisible, chief executive officer Piyush Gupta said in a Webcast on Tuesday as the Singaporean lender turns 50 with the industry at a crossroads.
With the ubiquity of the smartphone, the explosion of data and the rise of the shared economy, customer behavior is now dramatically different, Gupta said.
The digital revolution has fundamentally redefined banking and DBS, at 50, is at a crossroads like the whole industry, he said, adding that the bank’s tagline “living, breathing Asia” is to be replaced with “live more, bank less.”
“Customers want a new kind of bank. Having made reimagining banking a priority in the past few years, we believe we are well-placed to personify and embody the future of banking,” Gupta said.
With the focus on weaving banking into the daily lives of clients, DBS has launched car, property and electricity marketplaces in the past nine months, enabled customers in Singapore and Hong Kong to make transactions via their smartphones, and has developed digibanks in India and Indonesia, as well as providing better services to small and medium-sized enterprises, he said.
The bank is also seeking to provide the next generation with opportunities to unite and find innovative solutions to sustainability issues, while helping social entrepreneurs bring their ideas to life via its services, he added.
Gupta said DBS is to roll out a brand campaign in all of its markets over the next two months, starting with Singapore this week.
The bank has evolved into a banking leader in Singapore and Asia with income growing twofold between 2006 and last year, and its market capitalization growing threefold, he said.
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