Chapter 34 DBS – A multinational bank becomes a digital bank
A multinational bank's digital and AI transformation journey
In a fast-evolving digital world, DBS leadership could see that meeting the needs of a new generation of tech-savvy customers required becoming a truly digital bank. DBS's CEO laid out the challenge for the bank in surprisingly simple terms: Think like a start-up, not like a bank.
To start the process of thinking like a start-up, DBS top management looked not to other banks or financial institutions, but to tech giants for inspiration. The CEO and his top leaders visited and learned from the top tech companies around the globe and brought what they learned back to shape the “future DBS.” That learning crystallized into a clear vision to “Make banking joyful.” This vision reflected the goal to make customers happy by making banking effortless and making DBS “invisible.” DBS was clear that it would no longer benchmark itself against other banks, but rather against the top global technology companies.
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