DBS unveils new mobile app, latest iWealth website

After years of fine-tuning, DBS Bank unveiled a new mobile app as part of the latest version of its wealth platform yesterday, touting easy access to all banking services for wealth management needs.

The app goes live on Monday, while the Web version of the platform, known as DBS iWealth, is already up and running.

Those with access to DBS iWealth belong to the high-end consumer segments known as DBS Treasures, DBS Treasures Private Client and DBS Private Bank.

The latest features include personalising profiles and customising reports based on personal preferences and investments. And trading equities and investing in funds can be done instantly on the app.

Ms Tan Su Shan, DBS group head of consumer banking and wealth management, noted that the new mobile app is fast. She had wanted to peg it to the top apps in stock trading, such as Robinhood, a United States-based stock trading start-up.

"Robinhood had the best, fastest user experience for equity trading... I told my guys about it, and they delivered on the speed and agility of the user experience, of what the best that Silicon Valley can offer."

The latest DBS iWealth and its mobile app have been in the making since 2011 and are the result of its investment of $200 million over three years in digital banking starting in 2014.

Further investment figures will be updated in future.

She said big data, biometrics and intuitive design were harnessed for the revamp and the new app, which has been tested by more than 3,000 clients.

The app is certainly yet another push in mobile banking among financial institutions.

RFi Group, a business intelligence and digital media provider, noted: "OCBC Bank and DBS have been the most vocal innovators in the Singaporean market. However, it is a very competitive space.

"At the core of any new... technology, consumers have three main concerns - security, speed and convenience. Overcoming those three pillars will allow for a much faster road to acceptance and usage."

Over 70 per cent of DBS' wealth clients are already online and on mobile banking. Last year, around 25 per cent of wealth clients were acquired online via DBS iWealth.

DBS is the fifth-largest private bank in the Asia-Pacific, based on assets under management (AUM). As of October last year, its high net worth AUM was $115 billion, and it has 1,400 frontline relationship managers in the region.

The bank continues to see how it can better use big data and analytics.

Mr Lim Soon Chong, DBS regional head of investment products and advisory of the consumer banking group and wealth management, said: "The challenge of wealth management is that it's subjective. To take the data to the next step, we need to marry wealth and asset management.

"If the client gives broad parameters on how to manage his portfolio, it's how the bank uses big data, filter the noise and implement a solution for his portfolio."


This article was first published on Feb 11, 2017.
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