DBS Graduate Associate Program

The problem with all retail banking RM roles (be it private banking, treasures or personal banking) right now is that they're getting devastated by covid. With branches closed and safe distancing measures in place, these sales ppl are getting hit hard, especially since most of their salary is commission-based. Note that this is only for the short-term. Over the longer-term, the tech threat looms big. With online banking, mobile banking apps and even robo-advisors coming into play over the past few years, the future of retail banking looks bleak. These sales ppl typically rely on face-to-face meetings to generate their sales, where they can sweet-talk the client. Charisma is their main weapon. Poorly informed uncles and aunties who are ill at ease with digital banking solutions are their main targets (this is esp true for personal banking and treasures). However, as this group learns how to do their banking online and on their phones in the time of covid, many will get used to it and even come to prefer it, such that even after covid has passed, they will continue to bank online. No doubt many of you have seen the meme of covid driving the digital transformation of companies. It is driving the adoption of digital solutions for individuals as well (and not just in banking), and those in sales are all the poorer for it. Another factor to consider is that this group is of an advanced age already and thus their incomes have stagnated (or even dropped to 0 for those that retire). The young and even middle-aged that are actively climbing the corporate ladder and seeing their incomes rise are much more tech-savvy and prefer to take a more hands-on approach towards investment, to the detriment of financial advisors. All in all, the future prospects of retail banking RMs isn't bright.

Originally Posted by Unregistered

The problem with all retail banking RM roles (be it private banking, treasures or personal banking) right now is that they're getting devastated by covid. With branches closed and safe distancing measures in place, these sales ppl are getting hit hard, especially since most of their salary is commission-based. Note that this is only for the short-term. Over the longer-term, the tech threat looms big. With online banking, mobile banking apps and even robo-advisors coming into play over the past few years, the future of retail banking looks bleak. These sales ppl typically rely on face-to-face meetings to generate their sales, where they can sweet-talk the client. Charisma is their main weapon. Poorly informed uncles and aunties who are ill at ease with digital banking solutions are their main targets (this is esp true for personal banking and treasures). However, as this group learns how to do their banking online and on their phones in the time of covid, many will get used to it and even come to prefer it, such that even after covid has passed, they will continue to bank online. No doubt many of you have seen the meme of covid driving the digital transformation of companies. It is driving the adoption of digital solutions for individuals as well (and not just in banking), and those in sales are all the poorer for it. Another factor to consider is that this group is of an advanced age already and thus their incomes have stagnated (or even dropped to 0 for those that retire). The young and even middle-aged that are actively climbing the corporate ladder and seeing their incomes rise are much more tech-savvy and prefer to take a more hands-on approach towards investment, to the detriment of financial advisors. All in all, the future prospects of retail banking RMs isn't bright.

for a secondary school essay, i'd give you 17/30. good try!

Originally Posted by Unregistered

for a secondary school essay, i'd give you 17/30. good try!

so you disagree with #691? can explain why?

Originally Posted by Unregistered

The problem with all retail banking RM roles (be it private banking, treasures or personal banking) right now is that they're getting devastated by covid. With branches closed and safe distancing measures in place, these sales ppl are getting hit hard, especially since most of their salary is commission-based. Note that this is only for the short-term. Over the longer-term, the tech threat looms big. With online banking, mobile banking apps and even robo-advisors coming into play over the past few years, the future of retail banking looks bleak. These sales ppl typically rely on face-to-face meetings to generate their sales, where they can sweet-talk the client. Charisma is their main weapon. Poorly informed uncles and aunties who are ill at ease with digital banking solutions are their main targets (this is esp true for personal banking and treasures). However, as this group learns how to do their banking online and on their phones in the time of covid, many will get used to it and even come to prefer it, such that even after covid has passed, they will continue to bank online. No doubt many of you have seen the meme of covid driving the digital transformation of companies. It is driving the adoption of digital solutions for individuals as well (and not just in banking), and those in sales are all the poorer for it. Another factor to consider is that this group is of an advanced age already and thus their incomes have stagnated (or even dropped to 0 for those that retire). The young and even middle-aged that are actively climbing the corporate ladder and seeing their incomes rise are much more tech-savvy and prefer to take a more hands-on approach towards investment, to the detriment of financial advisors. All in all, the future prospects of retail banking RMs isn't bright.

This assessment is pretty spot on.

The younger generations in the future will all DIY online.

It is the older folk who still need someone to explain to them. But there are a lot of older folk, and the older folk have the money.

Originally Posted by Unregistered

The problem with all retail banking RM roles (be it private banking, treasures or personal banking) right now is that they're getting devastated by covid. With branches closed and safe distancing measures in place, these sales ppl are getting hit hard, especially since most of their salary is commission-based. Note that this is only for the short-term. Over the longer-term, the tech threat looms big. With online banking, mobile banking apps and even robo-advisors coming into play over the past few years, the future of retail banking looks bleak. These sales ppl typically rely on face-to-face meetings to generate their sales, where they can sweet-talk the client. Charisma is their main weapon. Poorly informed uncles and aunties who are ill at ease with digital banking solutions are their main targets (this is esp true for personal banking and treasures). However, as this group learns how to do their banking online and on their phones in the time of covid, many will get used to it and even come to prefer it, such that even after covid has passed, they will continue to bank online. No doubt many of you have seen the meme of covid driving the digital transformation of companies. It is driving the adoption of digital solutions for individuals as well (and not just in banking), and those in sales are all the poorer for it. Another factor to consider is that this group is of an advanced age already and thus their incomes have stagnated (or even dropped to 0 for those that retire). The young and even middle-aged that are actively climbing the corporate ladder and seeing their incomes rise are much more tech-savvy and prefer to take a more hands-on approach towards investment, to the detriment of financial advisors. All in all, the future prospects of retail banking RMs isn't bright.

This assumes people will voluntarily sign up for investment plans by themselves. A lot of times, RMs prey on unsuspecting customers and sweet talk them into signing up. How this interaction will move into the digital space is not so clear yet, so far I've been cold approached by insurance agents on linkedin, not sure if any bot can replicate this as it is still quite a social business.

hi.. .back to the grad prog. anyone else received the offer for sme banking too?

Originally Posted by Unregistered

hi.. .back to the grad prog. anyone else received the offer for sme banking too?

I have not heard back since... have you?

Originally Posted by Unregistered

hi.. .back to the grad prog. anyone else received the offer for sme banking too?

try to avoid sme banking if you can. u want to be servicing the big players aka mncs.

Originally Posted by Unregistered

try to avoid sme banking if you can. u want to be servicing the big players aka mncs.

Hey haha i think its a good stepping stone to corporate banking. Market is really bad so it would be great to go through the 1 year of training offered by dbs

hi guys im the one who posted regarding the interview on 28 feb, till now still no news..