DBS adds wealth chat service to WhatsApp and WeChat

Relationship managers may soon form a bank-administered private chat group with clients.

Phones lines could get less busy for DBS as it launched DBS Wealth Chat that allows its wealth clients to interact, exchange ideas, and transact with their relationship managers (RMs) via popular instant messaging platforms WhatsApp and WeChat.

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Currently, RMs need to ensure key client conversations take place via the bank’s phone lines, where they can be recorded. With DBS Wealth Chat, RMs will be able to register interested clients in a private chat group with the bank.

Upon confirmation, DBS will set up a unique chat group administered by the bank between the client and his/her RM. Once the chat group between the RM and client is initiated, conversations and file exchanges that occur within the chat group will be archived by the bank without any intervention required from the RM. The entire process is fully automated, DBS said.

“The introduction of DBS Wealth Chat is estimated to save some 10,000 manhours on a yearly basis, whilst enhancing the ease and quality of RM-client interaction,” the bank said.

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In the first phase, DBS will begin to register and onboard interested wealth clients in Singapore on the service, where content such as DBS Chief Investment Office reports, research insights and ideas, and exclusive invitations will be shared. Additional investment-related transactions (such as trade placement) will be introduced progressively in 2019.

DBS Wealth Chat was developed in partnership with regtech startup FinChat.