Harvard Business School (HBS) has released a case study on DBS Bank’s use of Artificial Intelligence (AI).
This study, conducted over eight months, is said to be the first of its kind for an Asian bank and a Singaporean company at HBS.
Authored by HBS Professor Feng Zhu, the study examines DBS’ AI strategy and how it has integrated AI into its operations to enhance customer experience and employee productivity.
The case outlines how DBS has been using AI since 2014 to drive business value and its recent efforts to explore the potential of Generative AI.
Over the years, DBS has expanded its use of AI across different areas of the bank.
This includes using AI to offer tailored recommendations that assist customers in making informed financial and investment choices.
AI tools have also been employed to give relationship managers a more comprehensive understanding of their clients, while personalised career development plans have been created to support employees in advancing their careers.
The case will be taught in HBS’ MBA and executive education programmes, focusing on AI and digital transformation.
It is now available on the HBS website.
Professor Zhu said,
“The case study on DBS illustrates how AI technologies can potentially transform traditional industries, such as financial services, while driving value creation. By integrating AI into core processes, companies can unlock new potential for customer-centricity and operational excellence.”
Piyush Gupta, CEO of DBS, said,
“DBS has been working with AI for over a decade now, and in recent years, we’ve managed to industrialise the use of AI across the bank. We today deploy over 800 AI models across 350 use cases, and expect the measured economic impact of these to exceed SGD 1 billion in 2025, after sequential doubling in the last few years.
More importantly, the infrastructure and governance framework we established during our AI journey have put us in good stead to unlock the potential of Generative AI while managing its emergent risks.”
Piyush is set to retire next year in March and will be succeeded by DBS’ first female CEO Tan Su Shan.
Featured image credit: Edited from Freepik
