Ah! Finally a Straits Times reader commented on the most obvious misgiving in the whole DBS High Notes saga – not a word of apology from the organisation. Of course, apology will not bring back the money lost, neither will it lessen the burden brought upon by the worry of a lifetime savings lost. But what it will do is show that DBS as an organisation is human. And like a human, it can and did make mistakes. It will “do the right thing”.

Here’s an excerpt of the letter:

BY SAYING that no one could have anticipated the collapse of Lehman Brothers, the remarks of the DBS Bank chairman (‘We’ve taken a hit but we will overcome’, Wednesday), coming soon after its CEO said the bank would do the ‘right’ thing (‘DBS will do the right thing: CEO’, last Saturday), hoped things would quickly go back to normal. What he is saying effectively is that the Lehman fiasco is unfortunate, no one saw it coming, so let us all charge everything to experience and start anew.This is like a doctor saying he never expected a patient with signs of high cholesterol and hypertension to expire any time soon.

As experienced money handlers, banks have on their payroll experts who do nothing but watch the financial market for signs that will point them to pots of gold and steer them clear of impending danger. In their quest for one-upmanship, fund managers and distributors do their rounds of due diligence, and cover their backs with all the legal ‘eventualities’ so nothing will go wrong….

….Unlike Japan, we do not expect chairmen or CEOs to resign just to make a wrong turn go away. If we cannot say sorry with some measure of grace, perhaps we should let more ‘right’ actions speak for themselves.

I have noticed that Singapore companies have a great difficulty in apologising when things go wrong. Companies may do everything logically expected of it – give good explanation, offer realistic solutions etc. But unfortunately, it has typically been very cold

So if you are business owner, one simple way to set yourself apart from all the other local companies, think about how you can be ‘more human’ towards your consumers. And maybe, just maybe, they will stick with you through thick and thin.

A company’s good reputation is not always build on good action, efficiency and brilliant customer service. It is also build on what happens when things go wrong. When sh-t hits the fan, it doesn’t automatically mean your reputation will go bust. How you respond and react to your customers concerns and needs will determine if your reputation will stay afloat or how deep it will sink. One simple way to make sure it doesnt sink into abysmal depths is an Apology.

Related posts:

1. What consumers need – A Humane company
2. Is it so difficult to apologise?
3. Complacency killed the old company
4. Get Your Stakeholders to Design and Distribute Your Products
5. DBS bank in a sticky PR situation