Last two years, I used the facilities regularly for my trips to Jakarta. Recently, DBS decided not to renew my membership on its expiry. Their explanation was that my asset under management fell below $1 million.
I do not recall have met this $1 million mark when the membership was first offered to me. DBS must have raised the requirement for people who used the facilities regularly. So, current profit is more important than past relationship. This is the new value system in Singapore.
I have learned to accept the new world, but I do wish for the old world where long term relationship is treasured.
Tan Kin Lian
There is something wrong with DBS management thinking. In spite of the fact that we Singaporeans remember POSB fondly from the time when we were kids, pasting stamps and acquiring the saving habit some 40 years ago. When I worked in HongKong and saw DBS going into HongKong, I excitedly apply for their credit card there out of loyalty and price but was turned down. I appealed and it still was turned down because I am not a Hong Kong citizen. My thinking was that as a Singapore citizen working in HongKong, I should be a valued customer but no, they are inflexible and rejected my application in spite of the fact that all other banks in HK were ready to issue a credit card to me.
ReplyDeleteBack in Singapore now, I opted for early retirement and holds credit cards in many countries still and pay all my credit card bills fully and on time. Yet, when I asked POSB to increase my credit limit because I cannot use my POSB credit card this month because the credit limit has been reached, it was turned down. They can again easily verify my banking records which span nearly 40 years. Other banks have regularly sent me their platinum credit cards with my name embossed on it to try to get me onto their members list all this while. POSB and hence DBS is not proactive like the other banks but what really surprises me is that they are not even reactive when I called them up to urge them into a win-win relationship but they still only know how to reject their loyal customers. I would not want to buy the shares of such a complacent and unresponsive bank, especially with the record of the DBS highnote record. I believe that this has got something to do with their management thinking.
And I must say the DBS people should send all their customer service officers for cultural differences course.
ReplyDeletePlus, their knowledge seem to be lacking and inconsistent. You will get different answers when you speak to different CSOs. Wonder if they have a knowledge management system in place.
hongjun
They have the largest network of ATMs in SIngapore. Many companies also require DBS/POSB for staff salary credit. It is also widely used for GIRO services.
ReplyDeleteThey have the volume so maybe they also have the $ in terms of deposits even though their interest rate for savings or FD is the most paltry. And also despite the High Notes saga.
So that's why they don't need to "treasure" even customers like Tan Kin Lian or Falcon.
They have become dominant and unshakeable for banking services no matter what, like what PAP is to politics!
I've been a loyal customer of Prudential Assurance Singpore for the pass many years. Just 2 weeks ago, I sent a request to have a copy of premium acknowledgement to be mail to me but till now I had not receive it. After several calls & emails, the answer is still the same. There has been some delay in posting. Not exactly sure what they meant, but I think this is a very lousy excuse. There must be something wrong with the management at Prudential also.
ReplyDeleteFYI,
ReplyDeletePrudential cutting terminal bonuses
http://www.cpf.gov.sg/imsavvy/infohub_article.asp?readid={560168086-1944-3239252566}
I think apart from fulfilling the $1million AUM..
ReplyDeleteYou can also be a client if you have status ..
Businesses like people with certain social status to be associated with their clubs or service..
like i heard airlines often upgrade reputable firm's CEO and CFO's from business class to first if it's available. This happens frequently in foreign countries where competition for long-term customers are fierce.
To Passiveincome,
ReplyDeleteYou implying Mr Tan do not have enough status?
Or is it his status affected by his Hong Lim rallies (DBS came under attack over High Notes) or anti PAP stance?
Dear Kin Lian,
ReplyDeleteEnjoy the season. happy New year
Michael wee