Project: Digital to the Core
Industry: Banking and Finance
Digitalization is a key part of DBS’s strategy to thrive in the digital economy where productivity, scalability, and agility are the key characteristics of a successful organization. With DBS’s 49-year history and 24,000 employees in the highly-regulated banking and financial services industry, DBS considered cultural and organizational changes brought about by this strategy.
The DBS leadership team, made up of Piyush Gupta (Chief Executive Officer), David Gledhill (Chief Information Officer), and Neal Cross (Chief Innovation Officer), fundamentally changed the operations and culture within DBS by identifying how processes have changed, through internal hackathons within various business units, mass adoption of new technology to re-architect its technology structure, and setting up of DBS Asia X (DAX) as a space to collaborate with start-ups and the Fintech community to reimagine, inspire, and create the future of innovation.
Piyush Gupta and his leadership team have culturally transformed the bank, positioning DBS at the forefront, as one of Asia’s preferred banks and into an internationally recognizable brand. Through this transformation, DBS has been able to rapidly adopt new technology into its business and solutions. With significant investments in strategic technology solutions such as DBS Lifestyle, PayLah, POSB jolly, and POSB Smart Buddy, DBS has expanded customer reach and acquisition, with an increase of wealth customers and Singapore SME customers acquired via digital channels in 2016. It has also leveraged analytics to provide contextual offers and advice to customers, reduced ATM downtime, better predict and prevent trade fraud, and lower employee attrition. With over 50 partnerships with universities, government agencies, and knowledge partners, DBS continues to leverage best-in-class research/ thinking.