Singaporean bank DBS, in collaboration with regtech start-up FinChat, has introduced a new service for its wealth customers that will enable them to interact with their relationship managers through WhatsApp and WeChat.
Dubbed DBS Wealth Chat, the new service will be initially used to share investment reports and research insights. It plans to offer other services such as trade placement next year. DBS is said to be the first in Southeast Asia to offer this service.
Clients planning to use the service can get their relationship managers register for a private chat group. The record of interactions initiated through the new service will be archived.
Currently, interactions with RMs and their clients take place and are recorded on phone.
The new chat service through instant messaging platforms is expected to save around 10,000 man hours annually. The service is also said to abide by compliance standards.
DBS group head of consumer banking and wealth management Tan Su Shan said: “We recognise that customers today are inundated with different apps and services and decided to go where our customers already are – WhatsApp has upwards of 1.5 billion users, while WeChat has close to one billion users.
“Our aim is to provide banking services that are embedded in our customers’ everyday lives, while maintaining client privacy and keeping to our rigorous security requirements. With DBS Wealth Chat, we can now meet both the communication needs of our clients and regulatory requirements.”