Local banking institution DBS announced today the expansion of its mobile banking offerings with the introduction of SMS Banking.
This new addition will allow customers to perform simple banking transactions including checking account balances, performing card payments, and fund transfers to their own accounts outside of the internet banking environment. Other service features include activation of new cards, as well as the enablement of cards' magnetic stripe for overseas use without prior registration.
According to the bank's media statement, more than 2 million stand-alone balance inquiries were performed monthly at ATMs last year. On top of that, a balance inquiry at the ATM takes 30 seconds on average to complete, as opposed to just 10 seconds via SMS Banking. By allowing customers to check their account balances via SMS, more than 15,000 hours spent at ATM today can be used for other transactions such as withdrawals every month.
Louis Foo, Senior Vice President of Consumer Banking Group eBusiness, DBS Bank Singapore, said, "While customers are increasingly adopting internet banking, there is still a large number of customers using traditional channels such as ATMs or customer service hotline for balance inquiry. With SMS Banking, customers can use any mobile phones to perform simple banking transactions, thus saving time and eliminating the need to locate an ATM or call the bank."
"Over the last few years, SMS adoption has increased across the bank as it is used as a marketing tool and for service alerts. SMS banking also has great potential as an alternative mobile banking channel that can close the gap between internet banking users and non-users. It allows us to cater to different levels of banking needs and make banking easier for our customers," he added.
DBS also said that this new service forms an important part of its mobile banking strategy, as it reaches out to customers who may not require the extensive capabilities of mBanking. Many consumers are also more familiar with the SMS function and have used SMS to make service requests or to participate in marketing promotions, it added.
Come November, the bank will also introduce SMS remittances to India, Indonesia and Philippines for POSB Payroll Account customers, enabling them to remit funds at their convenience using SMS.
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