unveiled its mobile private banking platform in 2015, it chose the Asian city-state, not Switzerland, as its first launch venue.
Data
Between January and May this year, transactions on the retail digital platform DBS digibank skyrocketed by 220 per cent from the same period last year.
Transactions on DBS’ wealth digital platform DBS iWealth jumped by 198 per cent year-on-year, DBS said in a statement yesterday.
The lender said the path of rising digital use continued even after Singapore eased its “circuit breaker” restrictions to deal with the virus. Between June and August 2020, customer sign-ups for the DBS digibank mobile app rose by 216 per cent from a year earlier. The bank’s digital banking customers hit a record high of 3.5 million.
The number of investment transactions made via DBS iWealth’s mobile banking app tripled. From 2017 to 2019, the bank saw an average of 5 per cent year-on-year decrease in cash volumes being handled, a reduction of some S$5 billion a year. For the period of June to August 2020 alone, cash volumes plunged by an unprecedented 34 per cent compared with the same period last year – a reduction of around S$7 billion in three months.
“DBS’ digitalisation journey, which began more than six years ago, has always been centred around our customers,” Sim S Lim, group head of consumer banking and wealth management at DBS Bank, said.
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Source: DBS.