Recently I wrote about the barriers of entry and the competitiveness of the Asian banking market, identifying the most oligopolistic markets in Asia. Singapore was at the top of the list, with the top 4 local banks dominating 94% of the share in main bank relationships, and a lot of that is due to the dominance of DBS which, along with its no frills brand POSB, continues its push as the innovative leader.
Its recent launch of the Video Teller Machines (VTMs) offers customers the option to get face time with their tellers via a live video stream and conduct their banking in a soundproof private booth. Tasks will range from the basic statement requests and balance checks down to the more advanced obtaining internet banking security tokens as well as instantly receiving debit cards applied for.
The introduction of the VTM is not just a digital banking development, but it’s also a move that combines one of the most hyped communication medium to the most widely used banking channel. If you were lucky enough to attend RFi Group’s Global Digital Banking Conference in London, Sydney, or Singapore last year, you would have learned from the likes of, Facebook, Samsung, Citibank, and other global players, about how excited they were about the future of technology, especially the mobile platform and video.
Anyone who uses social media will have noticed the developments on their Facebook and Instagram accounts which allow users to share, sometimes live, videos of themselves to their friends and followers. We’re seeing more travellers and bloggers capturing their moments with collages of pictures and videos. Long distance relationships with family and friends are all touching base using video chat over the internet rather than settling for traditional voice calls. Even in the office, we’re using video conferences and sharing screens to project our ideas more effectively and efficiently.
The infusion of video’s heightened personalisation and service with a key distribution channel like the ATM supports the concept of collaboration across business units contributing to a rising net promoter score (NPS) in Asia’s banking industry. When looking at the NPS for ATMs among main banks in Singapore, DBS/ POSB is already ahead of the pack, driven by the number and locations of its ATMs.
"Singapore, with the top 4 local banks dominating 94% of the share in main bank relationships, is due to the dominance of DBS which, along with its no frills brand POSB, continues its push as the innovative leader."
Loaded with infrastructure, it will be interesting to see how much of a boost the enhanced engagement provides to DBS service metrics and business performance. Even more interesting will be the next wave of video banking technology that comes after this and where it may end up as it’s on the ATM now but I have a feeling it may end up in my pocket.
"90% of Singapore banking customers are omni-channel, using both digital and traditional channels on a regular basis."
On the third of August at the historic Fullerton Hotel in Singapore, RFi Group & Fuji Xerox presented successful strategies for engaging with omnichannel customers at an exclusive breakfast event.
RFi Group’s research revealed that 90% of Singapore banking customers are omni-channel, using both digital and traditional channels on a regular basis and that banks who successfully engage with their customers through 6 or more channels, have 10% higher satisfaction scores, than those engaging via just the one channel.
RFi Group’s General Manger for Asia, Gerald Ferguson presented the research and best practice examples that addressed insights into managing the challenges that banks face in meeting retail banking customer expectations for omnichannel service.
For more information, please contact Michelle Ho, Client Services Manager, RFi Group at firstname.lastname@example.org.