DBS Bank Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of DBS Bank analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on DBS Bank marketing mix, help the brand succeed in the market. Let us start the DBS Bank Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
DBS Bank Product Strategy:
The product strategy and mix in DBS Bank marketing strategy can be explained as follows:
DBS Bank is one of the most well recognized banks having retail as well as commercial banking services. DBS Bank which is one of the biggest banks in Asia provides banking facilities (Online and offline). Bank provides the variety of products and services according to regional requirements. DBS Bank provides products and services like corporate banking as a part of its marketing mix product strategy. Wealth management products, personal banking products and business banking products are some of the products by DBS bank. With tie Ups with many corporate, DBS Bank has grabbed a lot of markets.
Loan segment, mutual fund, tie-ups with life insurance and health insurance companies made DBS bank more visible in Indian Market. Earlier DBS Cholamandalam Finance Non-Banking Financial Institution) was a part of DBS group. With growing Digital market and understanding customer need, Bank has developed its products accordingly. The digital platform is the strength of DBS Bank. Online banking, Application-based banking are some feature of DBS Bank.
Image: Wikimedia
DBS Bank Price/Pricing Strategy:
Below is the pricing strategy in DBS Bank marketing strategy:
DBS Bank has its pricing strategy after aligning itself with competition. Personal banking with savings and current account are some features of the services.
Corporate banking also consists of Credit/ debit card facilities. DBS Bank provides loan facility which is among main earning source of Bank. Other financial services like insurance, wealth management services, investment options are other revenue making. Effectively managing cash flow are main financial services and revenue making business Models.
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DBS Bank Place & Distribution Strategy:
Following is the distribution strategy in the DBS Bank marketing mix:
The main strategy of DBS group is to target via digital platforms as the services of DBS group are specially designed for the digital platform. Considering India, the Physical presence of DBS Bank is considerably low. Application-based banking, online banking are widely used platforms of DBS Bank. Availability of DBS Bank ATM was more than 1100 with more than 250 branches worldwide. Wide presence of DBS bank with India, China, Dubai, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Philippines, Taiwan, Thailand, Vietnam, US and United Kingdom have employee count of 22,000+. The targeted area of DBS Bank is developing countries. Being Asian bank the bank has witnessed of high growth in most developing countries.
Hence they are growing rapidly their presence in India and China.
DBS Bank Promotion & Advertising Strategy:
The promotional and advertising strategy in the DBS Bank marketing strategy is as follows:
Target Customers of DBS Bank is mainly corporate people. Being business development bank in Asia, Bank has targeted emerging markets like India and China. From developing IT hub, manufacturing sectors to personal loans, DBS Bank has a footprint in all Asian countries in most of the segment. The creative advertising campaign with celebrities with tag line as ‘Entire Bank fits in your smartphone’ made more publicity of DBS Bank. Print Media and social media is also the strategy of advertising. Promotion activities including videos showing ‘How to open a bank in seconds with your smartphone’ are to showcase the fast and reliability of the customers for Use.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of DBS Bank.
People:
‘Right people run any successful company’ similarly the new generation digital infrastructure developed by DBS bank team is one of best in Asia. DBS Bank has won ‘Best Digital Bank in the World’ and ‘Safest Bank in Asia award’ in recent years which indicate the technical potential of the bank. With recent financial services with new financial products bank has intellectual managing team for business development and for handling the operation as well. Being Globalised bank, DBS Bank works with the different culture in the same process flow because of Bank culture and people.
Physical Evidence:
With the highest presence in Asia-Pacific region, DBS bank has more than 250 branches with ATM network of 1100+. Apart from some branches in US and Uk, most of the branches are in Asian region especially in developing the country. The actual physical presence of Bank is low compared to other banks but DBS Bank is one bank among having the highest digital presence. The ATM network in India is mainly in metro cities.
Process:
Being Service industry part, DBS Bank has good services for their customers. Due to Online platforms, query solving became easier. Social Media made more comfortable communication between customers and concern team of the Bank. From opening an account in seconds to transferring money to other location (Country) has been made more flexible for customer satisfaction.Due to the digital platform, DBS Bank has been able to minimize the errors in the process. Same is true for other financial products and services of DBS Group. Hence this concludes the marketing mix of DBS Bank.
About DBS Bank:
DBS Bank is one of the leading banks in Asia. Previously known as ‘The Development Bank Of Singapur Limited’, it has an annual revenue of more than $10 billion USD. With the consistent performance, DBS bank had won ‘Best Digital Bank in the World, Safest Bank in Asia awards in recent years. With tagline Living, Breathing Asia, DBS bank have specifically famous for their digital platform. DBS group provides different financial services like retail banking, corporate banking, investment banking, mortgage loans, private banking, wealth management, credit cards, finance and insurance. DBS is the parent bank of POSB from Singapore.
With presence more than 15 countries, DBS bank also operates in western countries like US. As part of digital banking, DBS bank has IB secure device for safety during online transactions.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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