DBS’s lifestyle space for the tech generation combines digital banking with human contact as its Plaza Singapura branch. The 24/7 café and branch features Video Teller Machines, an industry-first VR corner for retirement planning, and a humanoid robot, Pepper. Douglas Blakey reports
A number of leading banks around the world have rolled out exceptional examples of digital branches in the past two or three years. Clydesdale’s B sub-brand in the UK, State Bank of lndia’s InTouch branches, and CIBC’s full-service and smaller, more agile teller-free convenience branches, including airport kiosks, all spring to mind.
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Other notable examples include HSBC’s digital hub at the Liat Towers Orchard branch in Singapore, NatWest’s new digital branches in Manchester and Liverpool, Regions Bank’s digital concept branch, and Bank of Montreal’s Smart Branch.
And now DBS has got in on the act with an impressive digital branch at its Plaza Singapura branch in Singapore. Designed with a ‘cafe and branch’ concept, the new lifestyle space at Plaza Singapura features an open layout, creating a relaxed atmosphere. Customers are first welcomed by the aroma of freshly brewed coffee at the entrance of the branch, where Bettr Barista, a social enterprise supported by the DBS Foundation, stands.
The new lifestyle space is designed with the tech generation in mind, and offers a highly digital experience to meet their banking and lifestyle needs. It features an industry-first VR corner for retirement planning, where customers are guided on how to go about working towards their retirement lifestyles.
At the branch, customers can perform both cash deposits and withdrawals at the Cash Services Machines – the machines also allow cash withdrawals above their ATM card limit. DBS/POSB has deployed close to 90 of these machines in more than 30 different locations across Singapore. Since the introduction of the Cash Services Machines, over-the-counter cash transactions have decreased by around 48% and 22% for retail and corporate customers respectively, highlighting the technology’s convenience.
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By GlobalDataBesides the cash machines, banking services are also accessible to customers round the clock through Video Teller Machines (VTMs), offering them non-cash banking services such as issuance or replacement of internet banking tokens or debit cards.
Customers who require help are able to access instant ‘face-to-face’ assistance via live video. Pepper, the humanoid robot, is also on hand to guide customers on how to use the VTMs. DBS ended 2017 with more than 30 VTMs in locations across Singapore.
DBS will also transform this lifestyle space to allow customers to interact with one another based on their interests. For a start, with non-profit organisation *SCAPE, DBS is organising a talent development showcase to groom budding singing talents, culminating in the first-ever National Youth Music Awards competition in 2018.
There are also plans to hold monthly latte art and coffee appreciation classes with Bettr Barista, financial talks by NAY- Your Financial GPS, and exhibitions of art pieces by students.
Jeremy Soo, head of consumer banking group (Singapore), DBS Bank, says: “Banking services have a ‘clicks and mortar’ element, where digital banking and human connection complement each other. Over the last few years, we have both expanded and further integrated our physical and digital channels to enable our customers to access our services seamlessly across multiple touchpoints.
“In short, customers choose the platform they are most comfortable with, be it on a face-to-face basis, digitally on the mobile or internet, or a combination of both.”
He adds: “We also believe social networking in a physical space is equally important, and that is why we are transforming this lifestyle branch to allow customers to interact with one another based on their interests. By reimagining banking, we want to change the impression of what branch banking is for the tech generation – hence offering this new relaxed environment, where banking is woven into our customers’ daily lives.”
DBS is also launching TwentyThirty, an online initiative for young adults offering a hub that provides quality content that is of relevance to everyday living. TwentyThirty will cover a variety of topics, from getting through adult milestones and financial literacy, to career advice and other aspects that may be important for a balanced life.
DBS’s aim is to engage young adults in their 20s and 30s in conversations about larger “life” issues, and embark on a continuous process of providing valuable information that directly addresses their jobs to be done.
DBS will continue to engage the young adult segment with enhanced products and services, activations and partnerships with like-minded brands. To cater to the financial aspirations of young adults in Singapore, DBS has recently launched the enhanced DBS Multiplier Account, making it easier for them to qualify for higher interest rates on their account balances by lowering the transaction threshold, with no minimum salary crediting amount and no minimum credit card spend.
As for customer feedback, it is initially very encouraging. In September 2017, overall Customer Satisfaction Scores for overall branch experience at DBS Plaza Singapura scored 4.43 out of five, 6% higher than the average for all DBS and POSB branches during the same period.
