WEALTH TALK SUMMARY - Getting down to digital business
Speaking at Hubbis’ Digital Wealth event in Singapore in June – Evy Theunis of DBS Bank explains how the institution is building on its customer focus as numbers grow on various platforms.
Engaging with customers is a key aspect of the digital strategy at DBS Bank, according to Evy Theunis, senior vice president and head of wealth, regional ebusiness department.
By giving customers more access to information as well as the bank’s research, this has helped build a bond, along with confidence, in relation to the bank’s digital offerings.
After initially allowing customers to open accounts online, this progressed to giving them access to their portfolios. However, the first step was to listen to clients. That progressed to a continuation of product development that Theunis says didn't start as a one-off thing – and eventually spawned hundreds of millions of investments over six years since the initiative began.
Communication is also a key element for Theunis, who is always on the look-out to find better ways for clients to be able to contact their advisers – including utilising the latest technology available.
She admits that clients expect technology to be accessible at all times, and error-free, which adds a lot of pressure to the operations, technology and support functions.
Yet driving the bank’s digital offering is not just down to the digital team. According to Theunis, it is a partnership that takes in every aspect and department of DBS Bank, while staff are still focused on meeting – and beating – their KPIs.
Theunis, however, still follows the maxim that if you drive the engagement with customers, the rest comes automatically, making the operations seamless and frictionless.
The latest numbers of users on DBS iWealth are testament to the bank’s success in this area. For example, more than 70% of wealth management clients are online; over 70% of equity transactions are done online; and there are 870,000-plus logins per month.
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