About the Bank
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.
- Convenience: Customers can open an account right from the mobile app, requiring minimal data 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
- Open Banking: 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 profile, and do mutual fund transactions on the go
- Manage Finances Wisely: With budget optimizers, customer can track expenses, analyze purchase patterns and get actionable advice
- Frictionless Payments: Customers can make payments using their digibank app at all QR-enabled stores and website
Conquering Asia’s Wealth
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 implemented other modules such as insurance and IPOs.
- Customer Base: 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 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: Bank now has the flexibility and agility to launch new products leading to additional revenues
- Analytics: Bank can derive rich integrated insights about its HNI client portfolio.
DBS Hong Kong Reinvents its Core with Finacle
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.
- Delivers comprehensive, unified, 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.
