DBS makes bank and gastronomy rhyme

Far from the purely banking world, the DBS Bank has just unveiled its latest affinity initiative to retain a portion of its clientele. The Bank will offer its high-end customers exclusive culinary experiences through the signing of a partnership with a renowned chef.

FACTS

• The new initiative of the DBS Bank was named "DBS Culinary Delights". It is based on a signed partnership between Hong Kong-based bank and recognized Chief Edward Lee.

• "DBS Culinary Delights" will be offered to the wealthy customers of the private bank. The basic concept based on the fact that the bank will offer this customer base the best culinary experiences in the city.

• This program defends the idea of creating a pleasant and innovative experience, disconnected from financial services only, but open to a lifestyle experience.

ISSUES

• Renewing the customer relationship : DBS Bank's objective in formalizing this new affinity initiative is to retain its most affluent and demanding customers by offering them a somewhat unexpected experience in a banking relationship.

• Do the buzz This initiative to disrupt loyalty programs is also a way for DBS Bank to stand out from competition with a new program that can attract projectors.

PERSPECTIVE

• The DBS Bank's initiative is part of a strategic trend to satisfy the most wealthy customers by offering them a very wide range of services including Lifestyle to get out of purely banking and financial support.

• In this way, some financial institutions seek to establish themselves as wider companions of their clients. Besides DBS Bank and its new culinary experience to boost the quality of the customer relationship, in August 2024 it is a Lithuanian Fintech named Bourgeois Bohème (BoBo) which also opted for this type of approach. In particular, it highlighted a digital solution for managing cash flows and high-value transactions up to EUR 1 million, with enhanced AI security. But it also offered three levels of membership, including a VIP offer including other complementary concierge services on demand or personal assistance for example.

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