Prime Highlights:
- DBS is already seeing strong benefits from its technology initiatives, with revenue expected to rise this year.
- CEO Tan Su Shan says the bank’s efforts are producing real results and improving efficiency for both teams and clients.
Key Facts:
- DBS expects revenue growth of over 1 billion Singapore dollars (~$768 million) in 2025, up from S$750 million in 2024.
- The bank has launched DBS Joy, a digital assistant for corporate clients, and uses over 100 programs to provide personalized insights and recommendations to retail customers.
Background:
DBS, Southeast Asia’s largest bank, is seeing strong benefits from new technology, with revenue expected to rise this year. CEO Tan Su Shan said the bank’s efforts have moved beyond testing and are now producing real results.
Tan revealed that DBS anticipates an overall revenue increase of more than 1 billion Singapore dollars (about $768 million) in 2025, compared with S$750 million in 2024. “It’s not hope. It’s now. It’s already happening. And it will get even better,” she said during Singapore Fintech Week, emphasizing the transformative impact of generative and machine learning AI across the bank.
The bank has been upgrading its technology for over a decade, improving its internal systems to handle recent innovations and digital tools.
DBS uses technology to provide faster, more personalized services, helping teams work efficiently and boosting deposits.
Its tool, DBS Joy, is a digital assistant that answers corporate clients’ banking questions anytime. The bank also uses many programs to give retail customers helpful insights, alerts, and product suggestions through its app.
Despite concerns in the industry about the returns from technology investments, Tan remains confident. While some reports show many corporate tech projects have yet to deliver profits, DBS and other banks are seeing measurable results. For example, JPMorgan Chase recently reported breaking even on its $2 billion annual technology investments.
Tan also emphasized that the benefits go beyond revenue. DBS is investing in reskilling employees to strengthen customer relationships, using digital coaching tools to support workforce development. “We’re not freezing hiring, but it does mean reskilling. It’s a never-ending journey, a constant evolution,” she said.
With continued AI expansion, DBS aims to transform into a fully AI-powered bank, making AI a trusted financial advisor for both corporate and retail clients.
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