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Thursday, July 11, 2024

Beyond Banking: How DBS Bank’s Marketing Strategy Prioritizes Human Emotions

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DBS Bank is a multinational banking and financial services corporation headquartered in Singapore. It is one of the largest banks in Asia by assets and has operations in 18 markets globally. DBS Bank provides a wide range of financial services, including consumer banking, wealth management, corporate banking, treasury and markets, and institutional banking.

DBS Bank was founded in 1968 and was initially focused on serving the needs of Singapore’s burgeoning manufacturing industry. Over the years, the bank has expanded its operations and today serves millions of customers across the Asia-Pacific region, the Middle East, Europe, and North America.

Leveraging The Power Of Innovation 

DBS Bank is known for its strong focus on innovation and digital transformation. The bank has invested heavily in technology and has been recognized for its efforts in this area, receiving numerous awards and accolades. In 2020, DBS Bank was named the World’s Best Bank by Euromoney magazine for the second time in three years.

Keeping Storytelling at the Heart of its Marketing

DBS Bank’s marketing strategy places significant emphasis on the power of storytelling to communicate its message to its target audience. The bank recognizes that to effectively engage with its audience, it is essential to actively listen to their feedback and customize the brand’s message to align with the unique needs and interests of each segment of the audience.

DBS Bank opted to prioritize forming a genuine, human connection with its audience over aggressively promoting its financial services to them. This approach allowed DBS to demonstrate an in-depth understanding of consumers’ journeys, including their pain points and motivations. One example of DBS’s success in achieving this is evident in the DBS SPARKS Mini-Series – an online series depicting the daily lives of a group of young bankers as they navigate their professional and personal challenges. By veering away from a strictly product-focused approach and humanizing the financial industry, this campaign was able to resonate with consumers, leading to over 200 million views and 23 million engagements.

Effective Usage of Sustainability In A Socially Aware Market 

Sustainability is a crucial element of DBS Bank’s marketing strategy. In today’s market, the most successful brands are those that share their consumers’ values, particularly when it comes to environmental, social, and economic sustainability. DBS Bank’s dedication to sustainability is evident throughout its product offerings and social impact initiatives. The brand’s LiveBetter platform, introduced in 2021, is one such example. Through this platform, DBS encourages users to support local environmental causes, access eco-friendly tips, and gain insights into their carbon footprint based on their spending patterns. This integration of sustainability into various aspects of the brand’s strategy is a testament to DBS’s commitment to promoting a more sustainable future.

DBS Bank has also unveiled the DBS Newton Green, which is Singapore’s first bank-owned net-zero building. This building, featuring over 1000 square meters of solar panels and self-powered solar air-conditioning systems, generates as much energy as it consumes, resulting in a net-zero energy footprint.

Prioritizing Customer Satisfaction with Phygital Experience

In addition to maintaining a robust digital presence, DBS Bank recognizes the importance of physical client-facing touchpoints in enhancing the overall consumer journey. Utilizing its in-house data, DBS identified that customers often begin their banking journey through digital channels but still desire the option of in-person services at a DBS branch when necessary. To cater to these preferences, DBS has developed a phygital customer experience that optimizes physical and digital touchpoints, ensuring that the bank can continue to foster meaningful human interaction with its customers.

This is how DBS Bank harnessed the power of human emotions in its marketing strategy and became one of the most successful banks in Asia. To explore more such stories of brands and personalities creating magic in the world of marketing, join World Brand Affairs. We bring you the most valuable insights from the business world.