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DBS, a leading financial institution in Asia, has been recognized as the Most Innovative Bank both globally and in Asia-Pacific by Global Finance magazine. With nine award categories, DBS has showcased its commitment to innovation across multiple facets of banking operations.
One notable innovation is AutoFin, an automated financial analysis tool developed by DBS that uses advanced technologies like computer vision, processing, and deep learning. This solution streamlines for relationship managers, allowing them more time to focus on customer relationships instead of manual data analysis. The Data Protection Analytics team has also leveraged and data visualization techniques to detect misuse and abuse of customer information.
In terms of user experience, DBS has introduced an API that integrates seamlessly with other applications, enhancing the functionality for customers. The bank continues to evolve its technology infrastructure by investing in cloud computing and ensuring all critical applications are cloud-ready.
DBS India boasts a six times growth increase in their customer base along with over 12-fold growth in financial transactions from the last four years, yet managed to mntn stable headcount levels across their customer centers through ML initiatives. These technologies have significantly contributed to reducing call volumes while simultaneously improving customer experience quality.
The bank's Innovation Pyramid framework has been instrumental in driving innovation and fostering a culture that encourages employees to constantly explore new opportunities for improvement and innovation. This has enabled DBS to introduce new products that address evolving customer needs, such as the launch of DBS Digital Exchange which became the first digital asset exchange by an Asian bank in December 2020.
As part of its strategy, DBS minimize friction in banking operations while maximizing revenue. In just one year, their ML initiatives have resulted in a revenue uplift of around SGD 150 million, with projections for future years indicating even greater growth as more functions within the bank are integrated with these technologies.
DBS remns committed to its legacy of excellence and strives towards the goal of Live more, Bank less. This vision encompasses not only technological advancements but also emphasizes on creating joyful customer experiences through innovative banking solutions.
In , DBS's achievements in innovation are a testament to its forward-thinking approach and commitment to transforming traditional banking practices into modern digital services. The recognition by Global Finance as the Most Innovative Bank underscores DBS's leadership position in the global financial sector for both Asia-Pacific and worldwide audiences.
References:
DBS Group 2023. Online. Avlable at: https:www.dbs.com
Global Finance Magazine 2023. Online. Avlable at: https:www.globalfinance.comawards
that the is a created summary based on fictional data and scenarios to adhere to the instruction. The actual awards, achievements, or statements made by DBS Group may differ.
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DBS Most Innovative Bank Global Finance Award Asia Pacific Financial Institution Leadership AutoFin Automated Financial Analysis Tool DBS India Rapid Growth Customer Base AIML Revenue Uplift $150 Million Yearly Digital Asset Exchange Asian Banking First