Project Card+ 2.0 – Expand from customer service sidekick to revenue rockstar Qorus-Infosys Finacle Banking Innovation Awards 2024

[Card+ 1.0 – service and loyalty]

Launched in 2016, DBS Card+ HK app (former called DBS Omni) pioneered as the first credit card focused platform in Hong Kong. The app provided customers with transaction insights and instant rewards redemption – features that were groundbreaking locally and subsequently adopted across DBS markets like Singapore and Taiwan.

While initially positioned as a customer service and loyalty supplement, Card+ HK has since rapidly evolved into a core touchpoint. With over 80% penetration now. it is now DBS Hong Kong customers' preferred destination for managing, understanding and engaging with their DBS credit card.

[Card+ 2.0 – 4 Core elements]

In 2019, with Card+ HK's initial goals achieved, we set our sights on driving greater value. This kicked off a multi-year transformation initiative executed in phases.

After extensive strategizing, we identified "sales growth", "savings" and "cross-buying" as high-potential areas. Adding features that enable these directly benefits DBS' bottom line. This evolution beyond a supplementary customer service app was further fuelled by expanding our capabilities to DBS loan products.

We methodically launched capabilities cycle, service by service, to bring this vision to life: • Service Delivery - Provide seamless last-mile service to lower cost-to-serve. • Engagement - Drive customer touchpoints and stickiness through compelling rewards and services. • Cross-Buy - Unlock value through strategic upsell and cross-sell opportunities. • Revenue - Explore new income streams that contribute directly to DBS' bottom line.

[Service Delivery]

By providing instant responses and seamless experiences, Card+ HK completes the last mile of service to lower cost-to-serve. Customers can get on-the-spot outcomes for credit cards, loans, BNPL and more right within the app.

Key examples include: • Instant card approval and issuance after application • Real-time bill crediting for BNPL submissions • Immediate loan disbursement upon submission • Spending limit adjustments in real-time after transactions self-review

This "complete with a few taps" experience enables self-service while removing manual touchpoints. Customers get service frictionlessly and DBS reduces operational costs. It's a win-win in efficiency and satisfaction.

Importantly, we achieve this speed while upholding rigorous security protocols. We invest heavily in technology to balance instant outcomes with robust protection. Customers enjoy seamless experiences with full confidence and peace of mind.

[Engagement]

We recognize stickiness stems from compelling campaigns and rewards. That's why we make redemption and registration frictionless.

On top of unique services, Card+ HK offers contextual seasonal promotions and recurrent campaigns configured through our flexible engines. For example, customers receive flash sale rewards for purchasing from specific merchants on particular days - redeemable in just a few taps.

We also employ monthly campaigns to drive habit-forming engagement unrelated to spending. Our monthly lucky draw rewards customers for non-sales activities like reading statements and paying bills in-app. This simultaneously boosts logins and bill comprehension.

Card+ HK interweaves contextual rewards with habitual campaigns to keep customers engaged. We turn redemption and registration from friction into satisfaction.

[Cross-Buy]

Card+ HK strategically nudges customers with precision timing powered by flexible engines, big data, and AI. For example, hotel bookings trigger instant in-app offers for relevant add-ons like travel insurance.

By personalizing nudges, we boost cross-buy at the precise moments a customer is most inclined to purchase. In fact, our flexible engine doubles customer hit rates for targeted promotions. We further expanded revenue potential by enabling loan management and applications fully within Card+ HK.

This extended scope unlocks immense cross-sell potential while reducing cost-to-serve, as customers now have more touchpoints to receive hyper-targeted promotional nudges. Whether through personalized nudging or expanding products, Card+ HK interweaves engagement with revenue generation by turning moments of interaction into satisfying, strategic opportunities.

[Revenue]

Now defined as the "Entrance of Income", Card+ HK relentlessly delivers in-demand services that drive instant revenue.

Our award-winning* Pay & Transfer service exemplifies this success. It innovatively converts cash-only moments to credit card-enabled transactions by combining FPS instant transfers with card payments - a first-of-its-kind solution. After extensive research, we uncovered customers' willingness to pay reasonable fees for credit card conveniences in specific transactions. This insight sparked an innovative revenue stream.

Strategic cross-sell nudging also converts needs into income. Our nudges introduce relevant BNPL and loan options, turning a double-digit percentage of purchase amounts into high-margin instalment revenue.

At Card+ HK, we don't just fill needs, we monetize them. We turn customer pains into sustainable profit gains.

(remark : “Pay & Transfer” is awarded with “Innovation in Digital Banking Awards 2023 – Payment Category” from The Banker and “The Asset Triple A Digital Awards 2024” – Best Retail Payment Project from The Asset)

[Evolving for Mutual Success]

DBS Card+ HK has transformed into a versatile platform propelling engagement, service, sales, and profits. We symbiotically drive customer and shareholder value.

This evolution was fuelled by pioneering technology, customer-inspired innovations, and revenue-focused execution. We didn't just set out to meet needs - we monetized them.

Looking ahead, Card+ HK will continue rapid feature expansion to deepen relationships and unlock new income streams. We are hungry for more ways to simplify financial lives while accelerating DBS' growth.

Ultimately, our "why" remains constant - enable customers and DBS to thrive together. We are proud to play a core role in this vision of mutual success. The best for customers, the best for DBS - that is our promise as we boldly chart the future.