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DBS Bank develops tech solution

DBS Bank said it has developed a digital solution to help firms enhance productivity. The technology, known as FasTrack, can be customized to fit various business models. According to the bank, F&B firms can use it to handle both ordering and payment processes. One such company is Old Tea Hut, which set up its shop in 2011 and now has four outlets in Singapore. It said the lunch hour queue often puts customers off, so it is adopting FasTrack, which allows customers to make orders in advance via its mobile app. During peak hour, customers queue for an average of six minutes to place their order. With the app, they can skip the queue and head straight to collect their drink. The app has been on trial at Old Tea Hut for about two months. Apart from potentially cutting down waiting time, Old Tea Hut said the technology can help enhance its productivity and reduce manpower costs. The technology was developed by DBS in partnership with solutions provider Applied Mesh. With this technology, the bank hopes to reach out to more firms in the F&B industry. DBS has been making a push towards digital solutions. Last year, it announced plans to invest S$200 million over three years on digital technologies, to reach more customers. This is in addition to the S$1 billion it has invested in strategic technology initiatives.

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