DBS launched a service for its clients to transact with their bankers via two messaging platforms. These platforms adds on to an existing one that allows «conversational» banking.
DBS launched Wealth Chat, a channel that allows clients to use existing instant messaging platforms to access its range of wealth services while meeting compliance requirements, on Tuesday.
The move is a radical shake-up to the status quo, in which bankers have to ensure that key client conversations take place via the bank’s phone lines, where they can be recorded. The messaging launch means bankers can now communicate with clients on the go, allowing for faster responses. The new channel is estimated to save some 10,000 man hours on a yearly basis.
«We recognise that customers today are inundated with different apps and services and decided to go where our customers already are – WhatsApp has upwards of 1.5 billion users, while WeChat has close to one billion users,» said Tan Su Shan, group head of consumer banking & wealth management of DBS in a media statement. She said DBS wants to offer banking services as part of its customers' every lives, but maintaining client privacy and adhering to its security requirements.
Conversational Banking
The Singapore-based lender launched a similar service two years ago that allowed simple client interactions with artificial intelligence, or AI, on Facebook Messenger. DBS was working with U.S.-based Kasisto – a spin-off of SRI International which created the technology behind Apple's Siri voice assistant – to deliver this service.
DBS first launched the Facebook channel in Singapore and India, followed by its other key markets. DBS had planned for this service to be extended to other mobile messaging apps like WhatsApp and WeChat, according to its press release.
The launch of that previous service provided DBS customers another convenient option of accessing their bank accounts. For example, if customers want to check their balance in their bank accounts, they can simply text «How much do I have?», and get a near-instant response.
Automatic Archiving
Clients who wish to access DBS Wealth Chat can get their relationship managers, or RMs, to register for a private chat group. Once the chat group between the RM and client is initiated, conversations and file exchanges that occur within the chat group will be automatically archived by the bank.
In the first phase, DBS will onboard wealth clients in Singapore. Content such as reports from DBS' investment office, research insights, and exclusive invitations will be shared. The bank plans to introduce investment-related transactions, such as trade placements, progressively in 2019.
