DBS announced the launch of DBS Wealth Chat, a service that will allow DBS’ wealth clients to interact, exchange ideas and transact with their relationship managers via popular instant messaging platforms WhatsApp and WeChat.
The bank claims to be the first in Southeast Asia to enable this service for its clients. Developed in partnership with regulatory technology (regtech) start-up FinChat, it enables DBS’ clients to use their existing instant messaging platforms to access DBS’ wealth services while meeting rigorous compliance standards.
To access the service, relationship managers can register interested clients in a private chat group with the bank. Upon confirmation, DBS will set up a unique chat group administered by the bank between the client and his/her relationship manager
Once the chat group between the relationship manager and client is initiated, conversations and file exchanges that occur within the chat group will be archived by the bank without any intervention required from the relationship manager. The entire process is fully automated.
Why is DBS Enabling Their Banking Services via Popular Messaging Apps
At present, relationship managers need to ensure key client conversations take place via the bank’s phone lines, where they can be recorded. DBS Wealth Chat allows RMs to communicate with clients on the go, on their clients’ preferred instant messaging platform. This, in turn, allows for speedier service delivery to clients.
The introduction of DBS Wealth Chat is estimated to save some 10,000 manhours on a yearly basis, while enhancing the ease and quality of relationship manager and client interaction.