DBS to Allocate S$300 Million in the Next Year for Enhancing Its Tech and AI Capabilities
In a significant move, DBS Bank has announced plans to invest S$300 million next year, aiming to further its digital and intelligent banking capabilities. This investment represents a 14% year-on-year increase.
The funds will be primarily directed towards enhancing tech infrastructure and talent, with a focus on wealth and retail customers' products and solutions. The goal is to empower financial advisors and relationship managers to offer hyper-personalised advisory to customers, using DBS's intelligent banking engine.
DBS's intelligent banking engine, which was first introduced over a year ago on digibank, utilizes predictive analytics, artificial intelligence, and machine learning technologies. The engine is designed to transform raw data into actionable insights and nudges that are intuitive, unintrusive, and hyper-personalized for every customer.
Sim S. Lim, Group Head of Consumer Banking and Wealth Management at DBS Bank, expressed confidence in the value-add of intelligent banking to the industry. He stated that DBS is committed to becoming an intelligent banking powerhouse that customizes banking for every individual customer.
To achieve this, DBS will further integrate its intelligent banking predictive technology into the Client Connect frontline advisory tool and extend its capabilities to the DBS PayLah! everyday app. The bank aims to deliver hyper-personalized journeys that pre-empt, support, and address unique customer needs across key markets.
Mr. Lim confirmed that DBS is in it for the long haul with intelligent banking. The CEO of DBS Bank, Piyush Gupta, who is responsible for consumer banking and wealth management, oversees the bank's various operations including consumer and corporate banking, wealth management, and more.
DBS aims to scale the use of intelligent banking across other key markets, enabling it to offer a more seamless and customized banking experience to its customers worldwide. With this investment, DBS reaffirms its commitment to leading the digital banking revolution and setting new standards in customer service.
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