POSB, DBS sweep banking categories at AsiaOne People's Choice Awards 2016
SINGAPORE - It was a clean sweep for DBS and POSB in the banking categories at the AsiaOne People's Choice Awards (PCA) 2016 held on Thursday night.
The two local banks garnered the most votes for Best Bank (POSB), Best Credit/Debit Card (DBS Visa Debit Card) and Best Mobile Banking Service (POSB mBanking), a new category that was introduced at this year's annual awards.
Explaining why a new mobile banking service category was introduced at this year's awards, AsiaOne acting editor Karen Lim said: "We've seen how consumers have shifted online to make purchases or to seek out services to make purchasing decisions. With the addition of such categories, we hope to provide our readers with better choices that reflect their lifestyle today."
Noting the vagaries of consumer behaviour, Mr Chew Yung Jin, senior vice president of DBS' consumer banking group, said that they are focused to "improve the customer experience through multiple touch points, whether it's digital or non-digital".
"We cover almost five million customers in our base. Therefore, we have to cater to the digitally-savy and the non-digitally savvy, across multiple income segments.
"For example, we are the first bank in Singapore to launch the SMS queue management system, which allows customers to SMS for their queue numbers. The system removes the queues and saves our customers' time."
With the recent emphasis on the Financial technology (FinTech) scene, how do DBS and POSB view non-traditional players like Paypal, Alipay, Apple pay and Samsung pay?
Mr Chew, who is also the Head of Card Products Cards and Unsecured Loans, said: "We recognise that the market is heating up with FinTechs coming in. Non-bank players are upping their ante in digital offerings. They are taking away pieces of the value chain, specifically for the banks.
"But given our focus on innovation, we are in the best position to confront this and change the paradigm by looking at new models, turning the traditional banking model on its head and bring a much better, simpler and more joyful experience to our customers," he added.
The only other finalist to make it to the banking categories was OCBC.
These three banks were the only ones to have emerged as Singapore's most popular choices at the awards, which recognises the best products, brands and services as voted for by readers and consumers.
"(This win) affirms the way that we have been focusing at DBS, on the customer, regardless of the channel," said Mr Chew.
"These accolades give us further steam to continue our efforts to serve our customers in the best way that we can.
This year's awards saw over 200,000 votes cast across 30 categories.
Over 200 guests attended the awards ceremony held at the Singapore Press Holdings auditorium.
POSB Bank - WINNER
Best Credit Card
DBS Visa Debit Card - WINNER
OCBC 365 Credit Card
POSB Everyday Card
Best Mobile Banking Service
POSB mBanking - WINNER
OCBC SG Mobile Banking