DBS Indonesia to boost wealth management services

Private lender Bank DBS Indonesia, a subsidiary of Singapore-based DBS Group Holdings, is seeking up to 38 percent growth in its consumer business revenue this year, primarily driven by the bank’s move to expand its wealth management services.

DBS Indonesia’s consumer banking group director Wawan Salum said on Monday that wealth management had contributed 48 percent to the bank’s consumer banking revenue.

“Indonesia, China and India are top priority markets for DBS,” he said in Jakarta.

Wawan said the bank’s wealth management revenue was also boosted by the growing number of priority customers who had individual savings of more than Rp 500 million ( US$37,979 ).

He further explained that DBS Indonesia was eyeing a 30 percent growth in its priority customers this year. To reach the target, he said, the bank would expand its digital product lines to respond to customer needs.

Wawan said DBS Indonesia would also increase the relationship management skills of its officers so they could be more effective in their interactions with customers. “We will also use big data to understand the behaviors and needs of our customers,” he said.