DBS GROUP ROLLS OUT A CHAT FEATURE FOR WHATSAPP AND WECHAT: Singapore-based financial services group DBS has rolled out a new service, dubbed Wealth Chat, that allows its wealth management clients to interact with their relationship manager via WeChat and WhatsApp. The new service was developed with regtech startup FinChat, and the chat groups will be archived by the bank. Via Wealth Chat, DBS provides clients in Singapore with investment reports and research insight, and it aims to add trade placement and other services in the next year. Previously, relationship managers were limited to conversations with clients that could be recorded via the bank’s phone lines, but the new feature allows them to interact with them on the go. With Wealth Chat, DBS aims to enhance relationship manager and client interactions, while also saving the bank around 10,000 work hours per year. With WhatsApp boasting 1.5 billion customers, and WeChat having 1 billion, it seems that DBS has chosen two widely used messaging platforms, which will likely boost the chances of success for this new feature.

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