As it celebrates its 50th year, DBS aims for customers to 'live more, bank less'

DBS says it aims to deliver "invisible banking" by tapping on platforms that matches banking services with everyday needs.
DBS says it aims to deliver "invisible banking" by tapping on platforms that matches banking services with everyday needs.PHOTO: ST FILE

SINGAPORE - DBS on Tuesday (May 15) pledged to have its customers "live more, bank less" by delivering banking that would meet their evolving needs with the industry now at a crossroads.

The bank, which celebrates its 50th anniversary this year, said it aims to deliver "invisible banking" by tapping on platforms that matches banking services with everyday needs. The bank has launched car, property, and electricity marketplaces in the last nine months, with the marketplaces accessible through the DBS website.

DBS also said it has been offering the world's first online treasury and cash management simulation tool, which allows chief financial officers and corporate treasurers to manage and project their cash positions simply. It plans as well to help social entrepreneurs further through grants, banking services, mentorships, and a platform for fund pitching.

The goal, said the bank, is to deliver banking that is "simple, seamless and invisible".

Piyush Gupta, chief executive officer of DBS, said in a media release: "In the last 10 years, we have successfully established ourselves as a leader in Asia banking. While we remain rooted to Asia, Asia is rapidly changing, like the rest of the world. With the ubiquity of the smartphone, the explosion of data and the rising of the sharing economy, customer behaviours are dramatically different from what they were before.

"Customers want a new kind of banking. Having made reimagining banking a priority in the last few years, we believe we are well-placed to personify and embody banking of the future."