DBS is a leading financial services group in Asia, with over 280 branches and 23,000 employees across 18 markets. It is headquartered in Singapore, with a growing presence in Greater China, Southeast Asia and South Asia. DBS Bank was named the World’s Best Digital Bank by Euromoney in 2016.
The next few sections will elaborate on some of the technology initiatives of DBS Bank in their journey to become the World’s Best Digital Bank.
Digibank revolutionizes Banking
DBS launched a unique and incredible forward looking service, that gained over 1.8 million customers in India, within just 18 months of its launch. Here’s how digibank achieved its vision of reimagining and simplifying the banking experience.
Customers can open an account right from the mobile app, requiring minimal data and zero paperwork, in just 90 seconds
Wallet to Savings Account
Customers can open a wallet account and can convert into a savings account anytime to enjoy greater returns
Leveraging UPI, DBS empowers its customers to manage all their external bank accounts through its app. They can see real time balances and send or receive payments
Invest in a Flash
Customer can open a wealth account in a jiffy, create a personalized risk profile, and purchase, track and redeem mutual fund on the go
Manage Finances Wisely
With budget optimizers, customer can track expenses, analyze purchase patterns and get actionable advice
Customers can make payments using their digibank app at all QR-enabled stores and website
DBS needed a robust wealth management solution for its key markets – Taiwan, China, Indonesia, India, Singapore and Hong Kong. The bank initially evaluated Finacle wealth management solution and implemented the mutual funds and structured products modules of Finacle wealth management solution. Having seen significant benefits, the bank’s improved confidence in the solution led to implementation of other modules such as insurance, margin _nance and IPOs.
Bank has seen increase in customer base and grow wallet share of customers
Cut revenue leakage
Bank can calculate fees and commission, and curb revenue leakage with stronger reconciliation mechanisms
Multi country operations
Smooth and easy migration to new markets leveraging Finacle’s multi-currency and local regulation support
Reduced the processing time of dual currency deposits by 90%
New products to market
Banks now has the flexibility and agility to launch new products leading to additional revenues
Bank can derive rich integrated insights about its HNI client’s portfolio.
Access to sophisticated analytics, relevant financial planning, and asset allocation tools
Meeting the demands of a digital oriented generation of customers was a primary objective of the core transformation at DBS Bank Hong Kong. With Finacle, the bank can now
Design processes and products that will deliver personalized and contextual experiences for its customers
Everage comprehensive, uni_ed, real-time, and contextual insights on customer relationships across multiple channels
Flexible capabilities that enables the bank to launch products and services in a shorter timeframe
Cash and non-cash payments are now completed in half the time taken earlier
DBS Bank: Emerging Markets and Overseas Countries (EMOC) Core Migration
DBS Bank looked to expand its presence in overseas markets, specifically the Asian region. To do this, DBS Bank needed a core migration. As it was, DBS Bank’s Emerging Markets and Overseas Countries (EMOC) were running numerous different legacy systems.
To support its vision, DBS launched the EMOC Core Banking program. The operation was a regional, phased rollout of the Infosys Finacle platform to 13 locations over a period of 20 months. Deployment was a model of efficiency, going live in almost a branch a month at its height.