DBS bank review
- Company introduction
DBS is the number one financial services provider in Asia being present in 18 markets. Headquarters are located and listed in Singapore. DBS at Singapore captivate its vision for its stakeholders under one purpose that s to make baking more joyous (DBS Group, 2018) pp. 2. DBS Bank in Singapore has a broad base of customers, but it mostly targets the owners of SMEs.Currently, consumer, property, and enterprise customers can open new accounts with them anytime, anywhere, via their mobile devices. They digitize their consumer on-board procedures to be intuitive and straightforward, simplify templates, repopulate fields on account of consumers, and
automate the whole process so that a company relationship can be initiated almost instantly. They are trying to easily incorporate banking into our consumers ‘ daily lives to make banking more comfortable to create for them more time to devote to people and things that matter to them. Products offered by DBS bank Singapore include an account for consumer’s salary where they can credit. It also provides a platform for paying bills and making simple purchases. They offer a variety of banking products and services to enable consumers to handle their money. They also have related commercial activities, so their customers can concentrate on enjoying more and Banking Less.
- Current Approach on IMC
The first approach used to integrate communication amongst stakeholders by DBS Singapore is Environmental, Science, and Governance (EGS) Approach. In 2017 they extended their Group Key Credit Risk Strategy to integrate concepts and strategies in their lending practices for handling Environmental, Science, and Governance (ESG) problems (DBS Group, 2018) pp.10. Those ESG principles also extend to all activities on the financial markets. The result of the ESG risk evaluation offers clarification on whether it is essential to move to the related International. Industry Expert and IBG Sustainable Finance department before sending the credit report to the correct credit authorizing body.
- Deployed Promotional Tool A
2.1.1 Digital Marketing
Right now, due to the technological revolution, more information is consumed relative to any stage in the history of mankind. Smartphones, the web, social media, streaming services, and many other technological innovations have risen to unprecedented levels per person’s content consumption. In Asia, the DBS Group, headquartered in Singapore, is also regarded as a leader with regard to integrating digital technologies into financial products. As highlighted by DBS Chief Financial Officer Chng Sok HuiWe they were able to show that digital consumers had higher incomes for the most digitization portion of their sector, which is the consumer and SME sector in Hong kong and Singapore, with a 20 percent lower cost-to-income ratio than the current market.
2.1.2 Critical Stakeholders
Their critical stakeholders, including shareholders, consumers, employees, society, and policymakers and regulators, have been involved in Digital Marketing in various ways. To start with, the shareholders can now have their meetings online. They don’t have to meet one -on –one every time. They can easily make a rational decision on marketing by downloading information online from the places of their comfort. Consumers have benefited in many ways from digital marketing. Many customers can comfortably view videos or read about products offered by DBS Bank Singapore from their homes. Giving feedbacks and complaints has become possible through social media platforms provided by the bank. Yammer an open group forum where workers are involved and connect at all levels. Employees, especially the sales and marketing department, can perform their duties from their offices. DBS has enabled the society the with government agencies and organizations like Singapore Center for Nonprofit organization, the Public Chest, channels like AVPN (Asian Innovation and Philanthropy Channel), the UN World Compact to maintain dialogues, participate and help where appropriate. DBS was the only financial institution in Singapore to be accredited by the Infocomm Media Development Authority (IMDA) of Singapore with the Personal information Security Trustmark. Their contribution to transparent and ethical data security practices was verified by the certification. They also guided conversations on improving their clients ‘ virtual environments and using data analytics to enhance corporate governance for white-collar crime. Don't use plagiarised sources.Get your custom essay just from $11/page
2.1.3 Assessment of Digital Marketing Tools and Message
Digital marketing by DBS has been able to reach the targeted audience, especially through SEO. The popularity of organic searches is key to the success of the DBS Bank website. Since one of the top goals of any online marketing initiative should be making or web page more searchable for search engines. Through adopting suitable digital marketing SEO methods, it has boosted DBS search engine results page ranking (SERPs) and has increased their site’s number of participants. Running sales or promotions via social networks is a perfect way to win over introverted consumers without incurring unwanted contact with them. 66 % of B2C advertisers rate Facebook as their most successful social network in a survey conducted by the Content Marketing Institute, followed by Twitter (50 %) and Instagram (42 %). Studies also reveal, however, that Instagram’s product interaction is ten times greater than Facebook and 84 times greater than Twitter. It might mean that DBS Bank may want to explore reaching out to satisfied customers using Instagram. It is not an easy fix, but mostly DBS bank Singapore budgeted 6 to 12 months of deployment of the SEO upon seeing measurable results. However, compared to traditional marketing, digital marketing has been proved to be cost-effective.
- Deployed Promotion Tool B
2.2.1 Digital Product by DBS Bank Singapore
The digi portfolio is one of the digital products used by DBS Bank Singapore. DBS looked at what was currently on the market when innovating in the future. And agreed they could provide the next phase of Robo-investment by combining creativity, wisdom, and the expertise of the best investment minds in DBS with the Robo-technology’s always-on strength. Using their excellent team of investment managers exclusively available to private banking customers, they select careful mutual finances and money market funds to construct quality funds and provide consumers with an easy and cost-effective way to create an integrated portfolio that is internationally diverse.
2.2.2 Critical stakeholders in Digi portfolio by DBS Bank Singapore
Digi collection by DBS Bank Singapore involves stakeholders including shareholders, customers, employees, society policymaker, and regulators. The shareholders were consulted first whether to invest in the Digi portfolio, and they made the best decision. Right now, the shareholders have received high returns from the collection. The selling of the Digi portfolio to customers attributed to the attraction of many customers to the bank. Customers have been provided by easy and cost-effective way to invest their funds. Employees of DBS have been given a platform to showcase their specialization in the advance Robo- technologies and those that have knowledge of investment. The society has benefited since digital products don’t contribute to pollution of the environment in any way. Focusing more on conservation and climate change–the public demands that banks impose greater control on their customers and staff to act appropriately in economic, social, and leadership issues. Also, the profit from the selling of digital products by DBS bank has been used in giving back to society through the DBS Bank social responsibility program. Primary regulatory and compliance issues concerning the DBS bank such as Financial crime, Information security, Data management and data protection, fair trading, and conduct Credit risk management.
2.2.3 Assessment of Digi portfolio and message
DigiPortfolio had targeted investors with a minimum deposit of SGD 1000 or USD 1000 based on which investment the consumer selects, providing access to a range of among four and seven ETFs available on SGX, the Singapore stock market. DBS had tapped their excellent team of portfolio managers to build a service unlike those on the industry, whose knowledge was traditionally only available for portfolio amounts of S$500,000 and beyond. In addition to selectively choosing actively managed funds (ETFs) to create value funds, the team is continually monitoring the market, associating digiPortfolio with the opinions of their Chief Investment Office to ensure optimum investment strategy and portfolio stability, and certainly-balancing whenever required. The pace of technology is not matched by anything. DBS bank is only doing it for their consumer’s benefit. DigiPortfolio is designed for the automation of back-testing, restructuring, and tracking processes. It helps DBS to achieve size and productivity and maintains complete transparency of trading activities for each investor. In compliance with the customer’s risk level, DigiPortfolio offers portfolios. Three types are available for investment, from gradual, comfortable cruiser to quick and furious. 0.75% of portfolio and tracking services are paid by consumers. The cost is expensive for an ordinary consumer.
- Deployed Promotion Tool C
2.3.1 Digital transaction
The first trade finance transaction has been concluded on the Singapore Networked Trade Platform (NTP), which promoted the Singapore Electronic Trade Agenda. In partnership with Audi Singapore (Audi) and the regional dealer, Premium Automobiles (Premium), the digital transaction was carried out. The initial exchange includes a financial transaction letter of SGD 3.5 million between Audi and Premium for the trading of Audi vehicles. Car shippers like Audi had to send a variety of paper-based commercial documentation in the conventional world of business to conclude a credit transaction message. But Audi and its retail associate, Premium, can now submit bank requests and sending and receiving commercial documentation online by digitizing the process via NTP.
2.3.2 Critical Stakeholders
DBS critical stakeholders that have been involved in digital transactional include shareholders, consumers, employees, society, policymaker, and regulators. Shareholders are involved in evaluating and making a decision on whether the digital transaction is beneficial to the firm. They have also benefited from profits that are a result of digital purchases. Consumers have benefited from digital transactions since they don’t have to make a lot of documentation after every transaction. Also, they can easily retrieve any information related to the previous transaction. Findings from the survey and working groups have been examined to discuss those issues of concern. The growing department is responsible for developing and executing plans to enhance the results of its involvement. Also, the workload for employees has been reduced due to digital transactional. The society has benefited since transactional don’t contribute to pollution of the environment in any way. Focusing more on conservation and climate change–the public demands that banks impose greater control on their customers and staff to act appropriately in economic, social, and leadership issues. Policymakers and regulators have found it easy for taxation. Besides, digital transactional has more transparency; thus, regulators can easily deduct the required tax.
2.3.3 Assessment of digital transaction and message
Audi and its retail collaborator Premium can now send banking applications and send and receive trade papers in line by digitally digitalizing the process through NTP. It helps the company to accept e-applications and actually process them in live time, reducing the time required for the processing of trading funding from around a week to a single working day. However, as trade documents are submitted to the NTP, all trading participants can receive actual-time progress reports to better prepare their work capital requirements. Innovation continues to change the world of business and finance fundamentally. The digitalization gradually democratizes trade knowledge and increases compatibility across trading platforms, allowing businesses around the world to exchange more effectively and seamlessly. The NTP is an effort that makes it possible to put together diverse consumer practices in a safe and effective digital world. As a bank, they remain enthusiastic about maintaining that their business customers are ready to power the wave of electronic trade disruption worldwide.
4.0 Conclusion
In conclusion, DBS bank Singapore has made a step to go digital because of the advancement in technology globally. The bank has been able to integrate all stakeholders. DBS Singapore uses ESG as an approach to integrate communication among its stakeholders. DBS has deployed three promotional tools to support its products. The first tool is digital marketing, where DBS has adopted the tool. The result of the ESG risk evaluation offers clarification on whether it is important to move to the related International Industry Expert and IBG Sustainable Finance department before sending the credit report to the correct credit authorizing body. The other tool deployed by DBS is a digital product, including Digi portfolio. DBS looked at what was currently on the market when innovating in the future. And agreed they could provide the next phase of Robo-investment by combining creativity, wisdom, and the expertise of the best investment minds in DBS with the Robo-technology’s always-on strength. The third tool used was Digital transaction, where the first trade finance transaction has been concluded on the Singapore Networked Trade Platform (NTP), which promoted the Singapore Electronic Trade Agenda. References
DBS Group, 2018. Live More Sustainably, Singapore: s.n.
Young-Hyman, T., 2016. Techniques and resources to build cross-functional relationships Moderates Cross-functional Interaction in Project Teams, s.l. Administrative Science Quarterl