1/ How technology shapes FX markets
I think digitisation has transformed everything around us, not only in our work and personal life, but also in our product and solution offerings.
Today, customers always want to be able to access FX products conveniently, with immediate markets access, seamlessly integrated into the overall banking services to them.
So our strong focus is on end-to-end customer journey, together with our digital solutions, enable us to address the client needs.
2/ How DBS’ digital FX solutions address customers’ needs
We offer a wide range of product solutions to cater for different client needs. For example, our FX API solutions allow customers to digitally integrate FX execution in their in-house systems and processes, enabling instant execution in large volumes. Our FX solution is well integrated with Digibanking, with many convenient features such as 24x7 FX, and the auto wallet function which set up multi-currency account when going through the first FX transaction.
A broad range of remote features like electronic transaction confirmation, remote LC (Letter of Credit) application, and online account opening for GBA clients means that clients no longer need to physically visit our branches.
We also provide personalised FX insight alerts offering live news and intelligence to help client make better FX decisions.
All these are parts of our visions to make banking Intelligent, Intuitive and Invisible through the launch of “This is DBS digibanking”.
So finally, we continue to enhance digital instant FX Conversion at every step of our end-to-end client journey, really enable customers to “Live more, Bank less”.
3/ Tech trends in FX markets
I think competition is very severe, the fintechs and the virtual banks are very active in this market. So our focus is on A.I. and big data. A.I. enabled advisory. Big data analytics are transforming banking solutions. This trend will continue. So ultimately, we aim to be customer obsessed via digital solutions, create a joyful end-to-end customer journey.