DBS Bank to Crowdsource Gen-Y Branch Concepts
DBS Bank in Singapore is crowdsourcing concepts for a “youth branch” concept with its “I-Designed-A-Bank” contest. The contest seeks Gen-Y’s help designing branches that will appeal to young people and their lifestyle.
DBS not only claims its contest is one-of-a-kind, its future “youth branch” will be the first in Singapore designed specifically to meet the unique financial needs of Gen-Y.
DBS hopes its contest for a new branch concept will engage young people while providing them with opportunities to showcase their talents.
“We are excited about collaborating with the young to create a branch banking experience for the new generation.”
— Jeremy Soo, DBS Consumer Banking Group
“Today’s youth are confident, assertive and vocal,” said Jeremy Soo, Managing Director & Head, Consumer Banking Group Singapore, DBS Bank. Their lifestyles and needs have evolved with the times and they no longer communicate in a traditional manner.”
“We want them to express themselves, register their say in the future of branches and tell us how DBS can best meet their banking needs,” Soo continued.
The contest runs June 11 through July 30, 2010. Teams of up to four people can enter. There are two categories: 26 and younger, and all-ages. There will be three winners per category. First place pays a cash prize of SGD 5000 (around US $3,500), second place SGD 4000 (US $2,850), and third SGD 3000 (US $2,125). The judging panel includes representatives from DBS and the design industry. Winners will be announced in mid August.
DBS has over $250 billion in assets, 14,000 employees in over 30 countries across Asia.
Analysis: If you’re thinking about running a crowdsourcing promotion, this is how you do it. For starters, it’s the right kind of project. Asking people to provide conceptual ideas for a branch design is much better than asking them to produce TV commercials. Do you really want to have amateurs crafting the marketing messages shaping your brand’s image? Thanks in large part to the healthy cash prizes DBS is offering, the bank will likely get many interesting and creative ideas. They can use what they like and ignore what they don’t, unlike make-your-own-TV-spot contests where entrants expect to see someone’s winning ad airing on TV after the contests conclude.
This article © 2012 by The Financial Brand and may not be reproduced.
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I know that a sample of one isn’t very scientific, but I asked my20yo “when I say branches, what do you think of?” She said “trees”.
But I’m sure DBS will get lots of input for their branch design concept, because hey, who WOULDN’T want to win the money?
While I can’t speak to the trends among Gen Yers in Singapore, I can say this about Gen Yers in the US: They couldn’t care less about bank branches. Going into a bank “branch” is about one step less painful than getting root canal work done.
But more seriously, I don’t understand why you think the DBS project is “how you do it.” Why would you ask people who have relatively little experience going into bank branches — let alone little experience managing their finances or dealing with banks — for input?
I think the value of this project is in its ability to engage people who the bank would not probably otherwise engage, and engage them in a way that will be fun for some of them. But in the end it’s more about brand awareness than smart branch design.
I think the contest is awesome with the right prizes – cash. Better if this can be pushed on social networks like Facebook and Twitter for public voting as this will further generate the interest among the public towards the bank, which I think that’s the bigger goal behind – to engage.
I agree with Ron about the amateur part, but I guess the word “crowdsource” is the key here because the bank doesn’t promise that the winning design will be used, which opens up the possibility that this is actually a marketing campaign instead of a mere contest.
I think everyone can agree that crowdsourcing concepts (for anything) isn’t very strategic.
Please note: The conclusion in the Analysis portion of the article says this is a better idea for a crowdsourcing promotion than “make your own TV commercial” contests. It does not say this is the right way to design a branch.
In the end, don’t look to DBS to implement many (if any) of the ideas gleaned from this process. It’s better to look at this as a creative/intellectual experiment to see what’s on the mind of consumers (esp. Gen-Y).
Ron may- or may not have a point about Gen-Y’s overall feelings towards branches, but that is an issue beyond the scope of this article. It is worth noting however that data published previously here at The Financial Brand suggests that branches aren’t as irrelevant to Gen-Y as Ron’s comment implies.
Actually, one aspect of the contest not mentioned in your article is that this branch is located in a designated ‘youth park’, a large space in the bustling Orchard Rd area set aside by the government for youth-related activities. That’s why DBS has gone out with the crowdsourcing concept for the branch design, so that the Gen Yers can define the banking experience, instead of having yet another branch that offers the same services and experience that may or may not resonate with the target audience in the location.
Chris are you working for the bank? Awfully positive and insightful of you regarding mechanics of this DBS bank…seems you guys have gone beyond monitoring physical space to online channels…a lil too big brother for me…
Hi Ben, yes I work for the bank. Our involvement in social media is really to engage the wider general audience. As most people are on social networks, etc these days, we find it’s an opportunity for us to positively impact their experience with DBS, especially when they least expect it. Rest assured that we are conscious and mindful of individual privacy. Aside, if you’re interested to see the progress of the branch, just follow the design team on Facebook: http://www.facebook.com/dbs.scape