What is POSB and DBS?
POSB:
Established in 1877 as the Post Office Savings Bank, in 1988 POSB became part of Development Bank of Singapore (DBS). Today known as People’s Bank (P.B), one of Singapore’s premier and widely trusted financial services provider.
POSB provides an expansive variety of financial products and services, such as savings accounts and current accounts, loans, credit cards, insurance policies, investments and investments.
Their network of branches and ATMs throughout Singapore makes their services easily accessible for customers – and the bank primarily caters to retail customers including individuals, families and small businesses.
DBS:
mes DBS Bank Limited is an international banking corporation founded in 1968 as the Development Bank of Singapore with the objective of financing industrialization and economic development within Singapore.
Today it stands as one of Asia’s premier banks with presence across 18 nations across Southeast Asia and Oceania.
DBS Bank provides an array of financial products and services, such as personal and business banking, wealth management, investments and insurance policies for both individuals and businesses alike.
Furthermore, their DBS Digibank App enables customers to manage accounts digitally; access accounts remotely; transfer funds between accounts; pay bills remotely and make investments using smartphones – providing convenient banking on-the-go!
DBS serves a range of customers, from individuals and families, small businesses and large corporations, to institutional investors and individual investors. DBS has won multiple awards for its innovative products and services as well as commitments to sustainability and social responsibility.
Comparative Table between POSB and DBS
Here is a table comparing POSB to DBS:
| Factors | POSB | DBS |
| Ownership and Structure | DBS Bank Group | Independent Bank |
| Target Market | Retail customers (individuals, families and small businesses) | Customers are diverse (individuals, families and small businesses, as well as large corporations, institutional investors, large corporations). |
| Products and Services | Loans, credit cards and insurance. | Investments, insurance and wealth management are all part of personal and business banking. |
| Fees and Charges | DBS charges lower fees than DBS | POSB charges higher fees than POSB |
| ATM and Branch Network Availability | Singapore has a large network of ATMs and branches. | Singapore has a large network of ATMs and branches. |
| Awards and Recognition | Singapore’s Best Bank (2018, Global Bank of the Year 2020) | World’s Best Bank 2019 and Asia’s Best Bank 2021 |
Note: This table may change depending on where the bank is located and what products and services it offers.
History of POSB
The Post Office Savings Bank was created as an institution serving Singaporean savers back in 1877 under British colonial control, in response to demand.
At first, this bank operated out of Singapore General Post Office where customers could make withdrawals and deposits during normal office hours.
Over time however, their services expanded dramatically by offering new saving products as well as opening more branches in Singapore.
In 1988, POSB became part of DBS Bank after it was acquired by Development Bank of Singapore.
This acquisition enabled POSB’s product offering and branch network to expand while still meeting Singaporeans’ affordability needs for banking services.
Today, POSB stands as one of Singapore’s premier and most frequently utilized financial institutions with an expansive nationwide network of ATMs and branches; locally it’s commonly referred to as “People’s Bank”.
Serving both individuals, small businesses, families and entire households alike – this financial institution continues to enjoy widespread popularity throughout its home city of Singapore.
History of DBS
DBS started out by offering corporate banking products such as loans and credit facilities to support manufacturing and export businesses in Singapore.
Over time, however, DBS expanded to offer wealth management, personal banking and regional presence throughout Asia.
DBS expanded its operations during the 1990s through mergers and purchases.
In 1998, they merged with POSBank to form a more diversified banking institution; later that same year they purchased Dao Heng Bank to establish their presence further within Asia.
DBS Bank, one of Asia’s premier banks, serves both businesses and individuals across its service territory.
DBS stands out with its innovative digital banking, commitment to sustainability and social responsibility initiatives and dedication to innovation – hallmarks which Euromoney magazine recognized through their Best Bank Award of 2019. In addition, many other accolades and recognitions have also been bestowed upon DBS since.
POSB’s products and services
POSB provides its clients with various financial products and services, such as loans.
Savings and Current Accounts: POSB offers various current and savings accounts such as its Passbook Savings Account and Savings Account options, to meet any individual need or circumstance.
POSB provides its customers with personal loans, auto loans and home loans as well as various forms of financing to meet their financial goals.
Credit Cards: POSB provides various credit cards with attractive benefits and features such as cashback, reward points and discounts for shopping and dining. These may include cashback offers or discounted prices when dining and shopping at certain establishments.
Insurance Products at POSB: From travel, motor and health coverage options, POSB has an array of insurance offerings for their customers to meet any need or concern they might have.
Investment Products: POSB offers an array of investment products such as unit trusts (UTFs) and exchange-traded funds (ETFs), among others, that help clients grow their wealth.
Digital Banking Services: POSB offers various digital banking services such as mobile and online banking as well as PayLah, an innovative mobile wallet which enables customers to send or receive money, make payments or transfer funds all with just their smartphone!
Remittance Services: POSB provides customers who want to send money abroad with international transfer service for ease.
POSB provides accessible products and services that help Singaporeans meet their financial goals while managing their money effectively.
Their emphasis on financial education helps customers meet these objectives successfully.
Several resources and tools exist that assist customers in accomplishing these goals and managing their funds successfully.
DBS Products and Services
DBS Bank provides its clients with an array of financial products and services, such as:
DBS Bank provides personal and business banking services such as credit cards, loans, savings accounts and current accounts to individuals and companies alike.
DBS Wealth Management Services provide customers with investment management, trust services and private banking to assist them in growing and protecting their wealth. This service helps customers expand and manage it effectively.
Investment Products: DBS offers customers a selection of investment products designed to assist them with investing on the financial market, such as stocks, bonds and mutual funds.
DBS Insurance Products: DBS offers various insurance products designed to safeguard customers and their families, such as life, travel and health policies.
DBS Bank provides customers with digital banking solutions such as mobile and online banking as well as PayLah, an innovative wallet allowing customers to send, make payments and receive funds using smartphones.
DBS Bank provides corporate and institution customers with a broad array of financial products and services, such as cash management, trade financing and treasury service.
DBS takes social responsibility and sustainability very seriously and has implemented various initiatives in support of this commitment, such as The DBS Foundation which assists non-profits and social enterprises across Asia.
DBS Bank has earned many prestigious accolades for its digital banking services, commitment to environmental and social causes and products and services.
Furthermore, it is active within its local communities with numerous programs and initiatives supporting environmental and social initiatives.
Target market
POSB provides products and services tailored to the specific needs of Singaporeans, with affordability and accessibility being hallmarks of its success.
Furthermore, financial education plays a central role here and provides customers with various resources and tools that help them meet their financial goals and manage their money more easily.
Target customers for POSB services tend to include middle-class families or individuals looking for basic banking solutions in Singapore.
DBS Bank stands out among competitors by its innovative digital banking services and commitment to sustainability, products and services tailored to the needs of socially aware tech savvy customers, wealth management services offered as part of these products/services as well as wealth management for high net-worth individuals, corporate/institutional clients in Singapore and internationally requiring wealth management; wealth management being specifically addressed via wealth advisory for high net-worth individuals (HNIs),
corporations/institution clients as well as individuals seeking cutting edge financial solutions with exceptional banking solutions offered through advanced services DBS offers these.
Both banks serve large customer bases, and in many instances their target markets overlap significantly. Each bank’s target audience largely depends on what products or services it provides to customers.
Branch network and ATM availability
POSB boasts an expansive branch network in Singapore while DBS provides ATMs so their services are readily accessible to their customers.
POSB Bank Singapore Limited is one of Singapore’s premier banking networks with 50 branches and 1,200 ATMs across Singapore.
Furthermore, this bank plays an essential role in local communities by placing many branches throughout HDB estates and heartland districts – two prominent residential areas within Singapore.
DBS Bank boasts an expansive branch network in Singapore with more than 30 branches and 1,200 ATMs located strategically throughout key commercial, business and tourist areas as well as popular tourist and shopping spots.
Both banks provide digital banking, which enables their customers to conduct transactions and access their accounts from either an internet-enabled desktop PC or a mobile device.
Features available through digital banking include online banking, mobile bank, PayLah mobile wallet as well as making payments using smartphones.
Both POSB and DBS boast extensive ATM networks in Singapore, which makes their services easier for customers both online and off.
Conclusion
POSB and DBS are two of the two largest banks in Singapore.
Both offer an expansive array of products and services tailored specifically towards various customer demographics; though their histories share many parallels, each bank serves different target markets through specific product offerings and customer services.
POSB is well known for being accessible and affordable.
They specialize in financial education for middle class families in Singapore while DBS boasts cutting edge digital banking services with emphasis on sustainability as well as wealth management services.
Both banks provide customers in Singapore with an expansive network of branches and ATMs as well as digital banking services that allow customers to perform transactions and access accounts online or mobile device-based access.
Which bank a customer chooses depends upon his/her specific needs; both offer reliable, trustworthy services.
