DBS to Invest S$300 Million Next Year to Step up Its Tech and AI Gameby Fintech News Singapore November 2, 2021
DBS announced that it will invest S$300 million next year to grow the breadth and depth of its digital and intelligent banking capabilities powering all products and solutions for wealth and retail customers.
This will also further bolster hyper-personalised experiences across the bank’s digital and physical touchpoints.
The investment, which represents a 14% year-on-year increase, will go towards enhancing tech infrastructure and talent.
For a start, DBS will further entrench its intelligent banking predictive technology in its recently launched Client Connect frontline advisory tool to empower financial advisors and relationship managers to provide hyper-personalised advisory to customers.
The bank also intends to scale the use of intelligent banking across other key DBS markets and extend it to the DBS PayLah! everyday app.
This latest announcement comes more than a year after the bank first rolled out its intelligent banking capabilities to retail and wealth customers in the form of smart ‘insights’ and ‘nudges’ on DBS’ digibank.
DBS’ intelligent banking engine combines predictive analytics, artificial intelligence and machine learning technologies, and customer-centric design to transform raw data into actionable insights and nudges that are intuitive, unintrusive, and hyper-personalised for every customer.
Sim S. Lim, Group Head of Consumer Banking and Wealth Management at DBS Bank, said,
“It’s still early days, but we are confident in the value-add that intelligent banking can bring to the banking industry, and we are in this for the long haul.
We’re committed to supercharging ourselves to become an intelligent banking powerhouse that customises banking for every individual customer, by delivering hyper-personalised journeys that pre-empt, support, and address their unique needs.”