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.