DBS Bank Taiwan (星展台灣) yesterday released a revamped online banking platform, dubbed DBS Digibank, in a bid to provide wealth management clients with more personalized services and a more engaging user experience on mobile devices.
The bank this year commissioned a team of about 300 people from Taiwan, India and Singapore to improve its mobile banking platform to satisfy rising demand for mobile banking services, the bank told an online media briefing.
“Not only young consumers prefer using online banking services. We found out that among our clients aged 61 to 70, 11 percent prefer using online services, even higher than the 8 percent among users aged 21 to 30,” DBS consumer banking managing director Seraph Sun (孫可基) said.
Photo courtesy of DBS Bank Taiwan
A survey conducted among 400 wealth management clients showed that Taiwanese consumers are most concerned that online banking services be tailor-made for them, that transactions can be completed quickly and easily on the virtual platform, and that their data is kept safe, the bank said.
The new app addresses these concerns, as it allows people to customize the interface and prioritize functions for transactions they frequently conduct, such as foreign exchange, Sun said.
People can set reminders for the app to remind them about fee payments, loan payments, money transfers or other items, which would improve money management, he said.
The app remembers accounts that users often transfer money to, DBS said.
It also allows users to share information with friends via social networking apps such as Facebook or Line, the bank said.
For wealth management clients who also have a DBS credit card, they can automatically transfer to its DBS Card app without having to log in again, which saves time, it said.
With the launch of the mobile banking services, DBS expects the number of transactions via its mobile banking app to grow 5 percent at least in the first year, DBS general manager Lim Him-chuan (林鑫川) said.
“Currently, 69 percent of transfers and 60 percent of foreign exchanges are conducted on DBS’ online banking platforms,” Sun said.
“We expect clients to purchase funds at our online platforms more in the future,” he said, adding that the rate is currently 50 percent.
Overall, the bank expects the ratio of online transactions to rise to 80 percent, he said.
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