DBS named world's best bank in nod to digital innovation
DBS Bank has been named the world's best bank by Global Finance magazine, in a reflection of its ability to invest in digital innovation while still maintaining stable operations for its customers.
DBS is the first Asian bank to receive the accolade from the New York-based publication.
DBS chief executive officer Piyush Gupta said yesterday that the award shows how "Singapore punches above its weight".
He told The Straits Times that the accolade also shows that DBS' digital transformation efforts are increasingly gaining global recognition. "DBS started our digital transformation in 2014... In these disruptive times, more than ever, business is tech and vice versa. What sets DBS apart is that this belief is embraced by the entire organisation."
POSB SMART BUDDY
Among the more recent innovations that DBS has launched is POSB Smart Buddy, a savings and payments programme where children use smartwatches issued by the bank. Parents can allocate pocket money for their kids and track their spending with a mobile app paired with the watch.
While the bank's digital transformation is more visible in customer-facing roles, Mr Gupta noted that its support functions, such as marketing and communications, human resource and audit, are also being innovated.
It is one of the few banks in the world that have come up with measuring the impact of their digital investments on their bottom line.
In the past year, DBS has also been reaping higher return on equity (ROE) for shareholders, Mr Gupta said. Its ROE has historically been under 11 per cent, but rose to 12.5 per cent in the first half of the year.
Other banks that received accolades include Japan's Mitsubishi UFJ Financial Group (Best Corporate Bank) and France's Societe Generale (Best Derivatives Bank).
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