DBS to invest S$300M next year to boost digital banking offerings

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DBS said Tuesday it would invest S$300 million next year, up 14 percent on-year, to improve and grow its digital and Intelligent Banking technology for its products and services aimed at wealth and retail customers.

The investments will also improve the “hyper-personalised” experience on the digital and physical customer interfaces, DBS said in a statement filed to SGX.

The spending will be aimed at improving tech infrastructure and talent, embedding Intelligent Banking predictive technology in more financial services to help self-directed customers, and scaling the bank’s services across its online and offline touchpoints, the filing said.

“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; scale the use of Intelligent Banking across other key DBS markets; and extend it to the DBS PayLah! everyday app,” the bank said.

The Intelligent Banking platform uses predictive analysis, artificial intelligence (AI) and machine-learning technology, the filing said.

DBS said it plans to extend the Intelligent Banking technology to be used by its frontline staff, including relationship managers and financial advisors with the launch of the DBS Client Connect product to give its employees better data insights on their customers.

Read DBS’ full statement on the technology investments.