With eight awards on the evening, DBS stole the show at the ninth annual RBI Asia Trailblazer Summit and Awards.
‘Engage customers digitally and they buy more products and services and cost less to serve’ is a quick summary of the DBS strategy.
DBS’s mortgage customers and credit card customers are roughly three times as profitable as customers who use only the branch channel.
DBS estimates that its digital clients’ cost-income ratio is in the low 30s, against the mid-50s for traditional customers. Its digital customers’ return on equity is pushing 30%.
In this issue, we look at a number of the reasons for DBS’s success, including an interview with the bank’s celebrated head of innovation, Neal Cross (see page 7).
It was a good night too for UOB, taking home six awards, while Standard Chartered, Citi and Maybank all pocketed multiple awards.
The annual RBI Asia Trailblazer Awards bring together the most outstanding and innovative institutions and projects and highlight the initiatives developed in the region’s retail banking industry.
The categories were created keeping in mind different geographies in Asia and its unique needs. The Asia Trailblazer awards provide a platform for participating institutions to showcase and evaluate avenues for growth and innovation.
The retail banking sector in Asia continues to thrive with new and innovative solutions. Both banks and vendors are constantly reinventing their strategies and product offerings to respond accurately to the ever-changing needs of consumers. The RBI Awards felicitate those offerings that have managed to stand out from the crowd.
The panel of judges brought in fresh industry expertise and long-standing knowledge of Asia’s retail financial services industry. The judging panel was actively involved in the evaluation process guaranteeing the independence and transparency of the programme.