R A J A T E H M A I M U N A H R A J A A B D . A Z I ZC h i e f E x e c u t i v e O ffi c e r – H o n g L e o n g I s l a m i c B a n k

BANKING EVOLUTION: THE EARLY DAYS

JOHN SHEPHERD-BARRON

27 JUNE 1967

World’s largest taxi operator

DOESN’T OWNA SINGLE TAXI

World’s largest accommodation

providerDOESN’T OWN

A SINGLEREAL ESTATE

World’s largestcommunication

playersDON’T OWN

A SINGLETELCO

INFRASTRUCTURE

World’s largest movie house

DOESN’T OWNA SINGLE

MOVIE THEATRE

World’s most valuable retailer

DOESN’T OWNA SINGLE

INVENTORY

World’s leading travel agent

DOESN’T OWNA SINGLE PHYSICAL BRANCH

World’s fastest growing bank

DOESN’T HOLDA SINGLE CENT World’s Most

PopularMedia Space

DOESN’T OWNANY CONTENT

DBS DigibankA mobile banking app designed to make things simpler, easier, and faster for its users.Some notable functions include:

Peek Balance

Does not require any pre-login and customers can choose to “peek” at any of their DBS/POSB deposit or credit card accounts.

The “account balance enquiry” function is the most used among DBS’ customers across the bank’s platform, including ATMs, online services and its call centre

Personalised Profile & Customised Quick-Links

Customers can customise their own profiles with a picture or nickname, and can also create shortcuts for their favourite mobile banking services (First in industry)

Payments made easier

Customers can use a list of recent and favourite payees for faster transactions (First in industry)

Instant account opening

Customers can open an additional banking account with just a few simple steps

Touch ID

Customers can log on to their account securely with their fingerprint

DBS Remix Pilot Brancha technologically-driven banking experience that resonates with the digitally-empowered generation of young adults.

Consultation Pods complete with interactive table-tops, projected queue displays and news feeds

Banking hall transforms into a cosy lounge and financial playground space at night

Wifi and touchpads to engage with customers, screen plays movies and presentations

Relatively small retail bank set up with the intention of

competing for business with large, long-established national

banks.

These newer banks have, primarily, an online presence vs. a physical one, riding on the waves of digital innovation and mobility.

“Opening a bank with branches now would be like BT installing phone booths”

Anthony ThomsonChairman – Atom Bank

No branchesNo Call-Centres

App-basedHighly competitive one-year fixed saver offering

an interest rate of 2% and a two-year savings product

with a 2.2% rate

No branchesNo Call-CentresApp/Card-based

Initially started with prepaid cards to load funds, now

sending out physical MC debit cards at 1k cards a week, with

more than 35,000 on waiting list

… even non-financial, retail brands can now hold your money

Buy coffee – use my Contactless Card

Colleague pays for lunch using PEx+ at partner restaurant….I pay her my portion using PEx, sending the amount straight to her account

Check my account balance on my Apple Watch

Pay my bills through my Mobile Phone

Left my ATM card in the office, use phone to withdraw money for maid

Movie with kids. Buy tickets & scan QR with mobile

Imagine asking for these things 10 years ago, people would think I’m crazy:

“Refrigerator to have remote viewing of its content and recommend recipes based on stored items”

“Lights turn off when no one is nearby and can be remotely activated”

“Weighing scale to aggregate data with exercise machines to constantly update my health plan”

“Water filter to automatically shut off when nothing is in the sink and tracks water usage from all faucets and shower heads”

“Washing machine to send a notification to phone once the wash cycle is complete”

“Coffee maker to sync with alarm clock, heats up coffee automatically”

Look at things from aCUSTOMER EXPERIENCE

perspective, less from a product design’s.Wrap your thinking around optimizing the

customer journey

DIGITIZING YOUR PRODUCTSDOESN’T necessarily equate toa better customer experience

This means different things to different people. Know your

customers, and find out what matters to them most e.g. cost,

speed, variety etc.

ONLINE and OFFLINE consumers are birds of very different feathers.Attempting behavioral change, although rewarding, is also risky

So focus on Customer ExperienceIn the context of DIGITAL TOUCHPOINTS

Develop Digital initiatives that COMPLEMENT existing customer journeys, not necessarily changing them

INTEGRATE YOUR GO ONLINE & OFFLINE GO-TO-MARKET STRATEGIES