Introducing a seamless straight-through journey for banking

DBS Hong Kong’s innovations have been especially helpful during the height of the pandemic.

DBS Hong Kong’s innovation is the backbone of introducing customer-obsessed customer journeys to retail, wealth, and corporate banking customers. The bank lives up to its promise - “Live More, Bank Less.” -  with seamless journeys from onboarding, trading, personalised banking, card and unsecured lending and cheque deposit for retail customers; end-to-end account opening and onboarding for SME customers.

Amongst its accomplishments is being the first - in the industry - to offer a seamless straight-through journey from customer onboarding to instant US stock trading. 

In November 2021, DBS HK released the latest enhancements to Hong Kong’s fully virtual wealth management equity trading platform. , The bank uplifted its online equity trading experience in seven markets for a  hassle-free and contactless end-to-end customer journey

Prospective DBS HK wealth management customers can now receive instant W8BEN US Tax Form approval in less than 15 minutes thanks to its most recent enhancement. After that, they may enable US stock trading instantly.

A key innovation in enabling DBS HK to do this is to enhance tooltip wording, which minimises form rejection on the backend. In addition, through the support of bilingual form labels, the bank can provide customers with a smooth and sound online trading experience.

Amongst the new features delivered in January 2022 is a revamped in-app landing page, including an advanced filter search function for equity and fund trading. Customers can now easily manage their fund portfolio with the clearest view of top-down market situations.

At the same time, in 2021, it also introduced the Electronic Identity Document Verification (eIDV) solution for a fully virtual and instant card and unsecured lending experience on DBS’ Card+ App. This solution provides DBS cardholders with a contactless application experience as it leverages AI innovation. 

Through this, DBS HK has renovated eIDV solutions that automate document verification and biometric authentication processes for the new 2018 HK Government-issued HKID. The Card+ app’s dynamic backend system allows to check and improve the verification. It can detect six key types of document fraud, including forged documents, counterfeit documents, blank stolen documents, fantasy or camouflage documents, impostor or ‘look-a-like’ documents, and compromised documents.

Meanwhile, the DBS HK team also realised the importance of adapting to changes to support SMEs in their businesses. This drives the team to understand the clients and their changing behaviours better.

This fully virtual customer journey has been made possible by leveraging artificial intelligence-enabled identity verification. Through facial and biometric recognition, its dynamic backend system can authenticate shareholders and directors by comparing them with the Chinese government database.

DBS HK’s commitment to innovations and improving customer experience has been recognised by the Hong Kong Business Technology Excellence Awards, as it clinches an award for the Digital - Banking category. 

The prestigious awards programme honours outstanding companies that have made exceptional contributions in the pursuit of technological innovation in Hong Kong.

The Hong Kong Business Technology Excellence Awards is presented by Hong Kong Business. To view the full list of winners, click here. If you want to join the 2023 awards programme and be acclaimed for your company's outstanding contributions in pursuit of technological innovation, please contact Julie Anne Nuñez at [email protected].