The bank is setting aside more funds to bolster infrastructure, talent and technology to deliver hyper-personalized experiences to better serve wealthy and retail customers.
DBS Bank aims to boost hyper-personalized experiences across its digital and physical touchpoints and will be investing S$300 million ($222 million) over the next year to boost its digital and intelligent banking capabilities.
This investment represents a 14 percent year-on-year increase, and will go towards enhancing tech infrastructure and talent, embedding predictive technology in more financial solutions to better empower self-directed customers, and scaling the bank’s capabilities across both online and offline touchpoints across the region, DBS announced on Tuesday.
According to the bank, its Intelligent Banking engine combines predictive analytics, artificial intelligence and machine learning technologies to transform raw data into personalized insights and nudges for every customer.
This predictive technology is currently used in its «Client Connect» frontline advisory tool, and to generate smart insights and nudges for retail and wealth customers on its digibank platform. DBS said it plans to scale the use of Intelligent Banking across other key markets and extend it to the its PayLah! app.
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, Sim S. Lim, group head of consumer banking and wealth management, said.