Singapore’s banking behemoth DBS, formerly known as the Development Bank of Singapore, announced that it was looking forward to using AI and Big Data Analytics to enhance its customer experience. The Bank stated on Monday that it was adding several services to its mobile banking app, including predictive technology, which would engage more users to make smarter choices regarding their investments.
DBS has spent a significant amount of time refining its banking tech because it is expecting competition from several new companies in Singapore. Notably, companies like ByteDance and Alibaba are exploring banking licenses in Singapore, and have almost received them. With the imminent competition, DBS’ superior services are expected to keep the bank afloat.
Lim Sim Seng, DBS Bank’s group head of consumer banking and wealth management, spoke about the bank’s latest services, saying “It’s not just a generic marketing offer – everything has to be hyper-personalised. This is going to differentiate what a great bank is versus what a good bank is.”
DBS rolled out parts of these services in Q1 2020, and the result has been impressive. Reports suggest that more than 33,000 users have realized that they overspend, and have cut down on their expenditures, thanks to DBS’ services. Their ‘iWealth’ wealth management app provides personalized financial advice to every consumer. The app recommends savings and expenditure patterns along with tips about stock investments.
DBS revealed that compared to June-August 2019, they have seen a 217% growth in digital transactions in the same period this year. A large share of the credit for these numbers goes to the Covid-19 pandemic.
DBS might get 25% fee income growth after four years of tech development
The bank stated that they had invested $4.4b in technological advancements in digital banking in the last four years. In return for this large investment, the bank expects its annual fee income growth to go from 10% to 25%.
In order to ensure this profitable leap, DBS has decided to collaborate with cloud service provider, AWS. Amazon’s AWS is all set to train more than 3000 DBS employees for AI and Machine-Learning services.
