Investment in Social Media Analytics at DBS Bank

Question: Discuss about theInvestment in Social Media Analytics at DBS Bank. Answer: Introduction: DBS Bank was established in 1968 at Singapore and proved to be a prominent player in the banking sector in the region. They have proved their supremacy in the region of South East Asia. In a constant endeavor to excel, the bank has spread over in the three key Asian axes of growth covering greater China, South East Asia and South Asia. The company had extended their network with 280 branches in 18 countries of the region with the employment strength of 21,000 man power. This expansion had proved fruitful contribution to the development of the Bank by resulting substantial profit generation which is doubled in 2014 with comparison to that of 2010. The performance of this bank is rated superlative with the recognition of most affluent bank of the world so far capitalization is concerned and the bank is being acknowledged with credit rating of AA- and Aa1 which were considered to be the highest in Asia pacific Region. The bank is crowned with the distinction of Safest Bank of Asia along with Best Bank in Asia Pacific for six years started from 2009 up to 2014 and was adjudged as the most valuable brand of banking in the region of ASEAN[1]. This was possible with the relentless effort by Piyush Gupta who was managing the role of CEO since 2009. With his foresight Mr. Gupta has introduced digital technology in different sphere of operation of the bank right from formation of platform for infrastructural growth to acceleration of banking innovation mainly to the target audience of Asian customers who are modern and tech savvy. The bank is involved in providing financial solutions to its clients with their different categories of products like institutional banking, individual banking and wealth management. The bank had excelled in the domain of digital platform in Singapore with the fabulous network of 2500 touch points through their branches, ATMs, self service kiosks, and partnership and these are instrumental to provide service to the cliental base of 4.5 million of the City-State. Above information is enough to understand the present status of the bank and the present CEO had introduced several digitalization strategies which can emphasize on the future objective of the Bank. Although there are different strategies opted for this purpose by the bank, it is also to reckon that if the same steps are enough for getting the utmost advantage of the situation along with its worth for further enhancement of scope of business for the company in order to sustain its position in the future banking segment of the region with global existence with supremacy[2]. The bank is also emphasized on social media tor each the target audience with ease for the purpose of having the privilege of contacting the customers with the feedback they are providing with their effort. The main emphasis of this article is to find out if the same effort of advanced analytics of social media is really proved beneficial for the bank for their business or not. Social Media Effort: Role of Advanced Analytics: As a part to monitor their social media effort, DBS is depending upon two different strategies for the proper feedback towards understanding needs of the customers. First one is the initiative named as Business Analytics Master Plan by DBS. This is focused to identify the personalized interaction of the customers. This is being initiated through Watson cognitive computing technology by IBM which was instrumental to find out the result of the market research. This result is instrumental to help the bank officials to find the transactional behavior for helping the customers better for risk management of their investments. The second effort is to enhance the possibilities of analytic abilities of the bank through the Information Technology Institute with its faculties and students who are considered as experts in this field. Advanced analytics are helpful in present business scenario to locate the need of the customers with the provision of probable solution. BDS had initiated right mov es through the above two steps which had enabled the bank to locate the needs of the customers with the risk area which makes barrier to the customer satisfaction. Through this instrument the bank can solve the issues of the target audience by identifying them and providing the best tailor-made solution to the customers[3]. Steps to Emphasize Social Media- DBS: UGOiGO TM- Initiative by DBS Hong Kong: This project is being innovated by DBS Hong Kong in 2013, as a regional office of the Bank. This had been introduced to enhance to possibilities of time deposit by the most affluent customers of the bank. The objective of this drive is to maximize the quantum of the time deposit of the bank to be availed by affluent tech savvy clients of the bank and the bank had achieved phenomenal success by accomplishing 180% of the targeted quantum. The impact of this campaign was so strong in Singapore that the targeted volume of the deposit was achieved within five days of the launching of the product in Singapore market[4]. Other Initiatives: Social media initiatives are made by DBS Taiwan through launching of their stickers which featured the mascot of the bank, Forex Experts Xing and Jaan the Chinese name of the bank in Taiwan. This has been introduced in the social networking Apps of Taiwan which were most popular. The impact of this innovative idea was proved grand success while the occurrence of two million downloads happened in three hours. BDS India had launched online films named Chili Paneer which had been uploaded in the official micro-site as well as the YouTube channel of the bank emphasizing on the favorite topics of India like Bollywood, Cricket, Food and Love with the effort to create the connection of the bank with the daily life of the customers[5]. There are other efforts to develop external partnership in the forms of educational institutes like Startupbootcamp Fintech 36 accelerator program in Asia which had emphasized on the mission of talent search and subsequent development program by organizing a series of hackathons in 2014-15. This drive is to find out new talents from different institutions and groom them to match the employment needs of the bank in the core sector of financial organizations. As per Neal Cross, CIO DBS, these types of small calculative risks have little impact as it always creates win-win situation[6]. Impact of Social Media Efforts: Mr. Piyush Gupta, CEO of DBS had emphasized on three current features in his article to discuss about the present status of banking business with competitors pressure. They are a) changing habits of community so far communication and exchange of preferred communication is concerned, b) global explosion of data and c) introduction of non-banking e-commerce entities encroaching into the banking sectors. These features are forcing banking sector to think otherwise to prove sustainability in the future generation banking sectors. These features also drive DBS to think innovative ideas in order to make their presence felt in the banking sector with supremacy. This situation also forces DBS to introduce different e-applications for the customers so that they feel easy and comfortable while they need the service of banking[7]. Worthiness of Social Media Innovations by DBS: As per the thinking of Mr. Gupta, DBS has introduced different steps through enhanced technology to make the banking experience easier and effective for the customers. Moreover, the role of its applications has direct impact on social media which is consisting of their cliental base and target audience. Most of the customers are tech savvy and they would like to know of their preferred bank through social media. This had forced DBS to introduce DBS to launch different innovative programs in social media which paid them rich dividend so far their business is concerned. Hence it is agreeable that the expenditure made for this purpose by DBS is worth as it is meant for the customers and the community and the target audience is well accepted these e-applications for sufficing their own purposes[8]. Conclusion: It is being understood with the above discussion that DBS had made such efforts through advanced technology to make their presence felt in the social media. This effort is totally dedicated for the target audience and they are well equipped to avail these facilities. It is mostly found that the need of the customers and the target audience are not properly understood and dealt by the corporate and thus they are gradually loosing their competitive edge in the business. On the other hand, the aggressive attitude of the contenders like DBS can take the fullest advantage of the situation by exploring new ideas and thus enhances their business prospects through launching of innovative ideas in the market through social media to make the target audience about their latest introduction or service for the community and the society. These efforts increase awareness amongst the customers and the target audience of the corporate and thus the corporate can enjoy the competitive supremacy the way it had been exploited by DBS through the effort of the management of the bank. Recommendations: It is always worth to recommend certain steps as development can only be made through recommendations. The efforts by DBS arte made through social media to attract target audience with specific purpose of their business or head-hunting. But apart from those key areas, there are other areas which can add value to the corporate social responsibilities of the bank. There may be some efforts in twitter. Google or facebook to attract the people of same though related to environmental awareness or drive to educate deserving children. These efforts can add feather to the bank as these efforts always keep high esteem of the organization in the community or society, as a whole. Publication of messages through social media can attract a lot of followers. This is the ideal platform through which a good message can be conveyed to the society along with the implication of the same effort to be made understood. It is mostly found that CSR activities are ignored by the corporate for cost impact, bu t a generous approach with a good learning outcome can always be good gestural approach from the corporate through which the corporate can prove their responsibilities in the society with the message of working for the mankind. DBS is a leader in banking sector of ASEAN countries and they are well set to achieve their objective so far business is concerned. It is the high time that they should build their image in the social perspective through good effort initiated in social media. This will make DBS trend setter in banking sector of the region and prove their worth with long term sustainability for social aspects. Bibliography: Chia, E., 2012. DBS Bank's social media strategy: Keep experimenting. [Online] Available at: https://www.enterpriseinnovation.net/article/dbs-banks-social-media-strategy-keep-experimenting [Accessed 04 February 2017]. Dbs, 2014. DBS Bank (Hong Kong) reinvents social media sensation uGOiGOTM with super deposit deals for everyone in 2014. [Online] Available at: https://www.dbs.com/newsroom/DBS_BANK_HONG_KONG_REINVENTS_SOCIAL_MEDIA_SENSATION_uGOiGOTM_WITH_MIGRT [Accessed 04 February 2017]. Dbs, 2014. DBS unveils new brand campaign that celebrates its past, its future and its ability to create impact beyond banking. [Online] Available at: https://www.dbs.com/newsroom/DBS_unveils_new_brand_campaign [Accessed 04 February 2017]. Dbs, 2016. DBS furthers commitment to shape future of banking with launch of new innovation facility. [Online] Available at: https://www.dbs.com/newsroom/DBS_furthers_commitment_to_shape_future_of_banking_with_launch_of_new_innovation_facility [Accessed 04 February 2017]. Gledhill, D., 2014. DBS Bank Pumps Up the Volume on its Technology. [Online] Available at: https://sloanreview.mit.edu/article/dbs-bank-pumps-up-the-volume-on-its-technology/ [Accessed 04 February 2017]. Gupta, P., 2014. Banking Disrupted. [Online] Available at: https://www.dbs.com/newsroom/influencer/default.page [Accessed 04 February 2017]. Kien, S., Soh, C., weill, P. Chong, Y., 2015. Rewiring The Enterprise for Digital Innovation: The Case of DBS Bank. AsiaCase. Nlb, 2015. Development Bank of Singapore. [Online] Available at: https://eresources.nlb.gov.sg/infopedia/articles/SIP_2015-12-01_132040.html [Accessed 04 February 2017].