DBS to be reprimanded and fined for an “unacceptable” failure? Bank assures customers their money is “safe” – TBEN Singapore News

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Singapore – Customers continue to rack up complaints against DBS Bank, Southeast Asia’s largest bank in terms of assets this morning, despite the bank’s assurances that their money is safe.

Worse yet, as the end of the month approaches, which is roughly when most people get paid, it also means bank traffic is sure to go away.

Analysts expect the company to be reprimanded and fined for the extended outage.

And of course, the Monetary Authority of Singapore, which oversees the banks here, said Wednesday evening that it would consider “appropriate supervisory measures”, but without specifying what those would be.

“This is a serious disruption and the MAS expects the DBS to conduct a thorough investigation to identify the root causes and implement the necessary corrective measures,” MAS Deputy Director General said last night. (banking and insurance) Marcus Lim in a Asia Channel News report.

Some will compare this to transferring money from one hand to the other, because although DBS Bank is a public company listed on the Singapore Stock Exchange (SGX), its majority shareholder is Temasek Holdings, the second largest fund. ruler of the country.

Not exactly transferring a wallet from one pocket to another. But it’s not entirely different, since Temasek owns 29% of the shares in DBS.

Digital banking outage or disruption is a serious problem, given the growing number of users who depend on convenient banking transactions, especially during the Covid-19 pandemic.

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Most of this week, it appears that DBS customers have found themselves unable to access digital services.

Already by noon on Tuesday 23 November, more than 2,500 complaints had been posted online because users still could not access their banking services online.

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At around 3:00 p.m. Tuesday, DBS announced via Facebook that services had been “completely restored” only to later announce “Unfortunately yesterday’s digital banking issue has reoccurred, and it has affected our services.”

An earlier version of the DBS post described it as “intermittent slowness” that caused some internet users to mock the language while others made malicious comments on DBS.

“Some of our customers experience intermittent slowness when accessing our banking services, and we are currently working to resolve this issue,” DBS said.

The bank apologized for the inconvenience and said it was doing its best to resolve the situation. The bank’s chief executive for Singapore, Shee Tse Koon, said in a video on the DBS Facebook page: “I want to make sure your deposits and your money are safe.

He said customers can still use the bank’s branches and its telephone banking services.

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The problem is that DBS has gradually closed branches, even in areas such as Holland Village, which, because it is right next to the MRT station of the same name, serves a wide area, and not just residents and businesses in the immediate vicinity.

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As the disruption drags on, more and more users are increasingly unhappy and more are saying that such a prolonged disruption is simply unacceptable.

It was reported that the issue caused a “significant financial impact” on customers.

“The disruption has certainly had a significant and probable impact for many customers, and we would expect to see at least one notice from the Monetary Authority of Singapore (MAS)” or a fine, Business hours reported, citing analysts.

Statement from the Director of DBS Bank

On Wednesday afternoon, Mr. Shee Tse Koon posted an update on the matter on social media.

“Since then, we have been working tirelessly, with our third-party engineering vendors, to resolve the issue and recover our digital banking services,” said Mr. Koon.

To facilitate the banking needs of customers during the outage, DBS banking services at all branches have been extended by two hours.

“In the meantime, rest assured that your deposits and money are safe and that you can continue to meet your banking needs through our branches or over the phone,” Koon said.

On Thursday morning (November 25), users continued to comment on the previous DBS post, noting that they still couldn’t log in.

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Among the more detailed complaints were:

“It is now 12:56 am on November 25, 2021 and I have been trying to log in from 10 pm on November 24, 2021 until now. For almost three hours, I either can’t log in or I log out before I can complete a transaction, ”said Facebook user Glenn Goh.

“So please comment on how is it possible that you can post at 10:35 pm on November 24, 2021 that your digital banking is back to normal? Or is it like a “new normal” that we are unaware of? The same as living with the new normal of COVID-19? “

Others pointed out that payday is approaching and the volume of transactions is expected to increase.

“If you can’t handle the volume now, come on payday, which is just a few days away, you’re going to have a bigger headache. You better start praying, ”Facebook user Caleb Wong said. / TISG

Read related: Prolonged “unacceptable” DBS digibanking outage – thousands of digital banking customers unhappy and frustrated with service failure

Prolonged “unacceptable” DBS digibanking outage – thousands of digital banking customers unhappy and frustrated with service failure

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