DBS Mobile Banking Completes the Singapore Four
The technologically advanced, high per capita income, globally diverse consumer market in Singapore has always held a soft spot for me as an innovation focused business manager. Citi did some groundbreaking work in the SMRT transit system, just check out the branch at the City Hall station if you are in town.
Singapore was also one of MMV’s first mobile banking installations for Citi and is the regional hub for many international companies. The government there has been supporting the development of an interoperable mobile NFC payment standard (amongst other advancements) since the release of a “10 year infocomm masterplan” referred to as Intelligent Nation 2015.
So the DBS announcement of mobile banking is a long awaited completion in a market that is advanced and well supported. The functionality in and of itself is not that groundbreaking, typical mbanking. What is interesting is the extension of the ‘money safe’ guarantee that DBS pioneered in the SG market in January 2010.
This type of guarantee is common in the US, but very modern in Asia and will certainly speed the introduction and acceptance of more advanced functionality on the mobile. It also suggests that the stringent security standards of the Singapore Monetary Authority are still not enough to assure consumers and that banks need to provide a backstop on perceived risk to tip the adoption scale. DBS sets an excellent benchmark in a market that is a leading indicator and prototype market of Asian business practices.