DBS NAMED WORLD’S BEST DIGITAL BANK – First Asian Bank to win in global category of prestigious Euromoney Awards
DBS Bank has received worldwide recognition for its digital agenda, becoming the first bank to be named World’s Best Digital Bank at the prestigious Euromoney Awards for Excellence. According to Euromoney, “the award for the world’s best digital bank was one of the hardest-fought of all”, with BBVA, Citi and ING named as other strong contenders for this hotly contested award. In the end, DBS pipped the others for the global award because of the all-pervasive nature of its digital transformation.
“Leaders in digital banking talk about the difference between digitising aspects of a bank and creating a truly digital financial institution,” said Clive Horwood, editor of Euromoney magazine. “DBS is doing this better than any other bank. It is demonstrably the case that digital innovation pervades every part of DBS, from consumer to corporate, SMEs to transaction banking and even DBS Foundation.”
DBS’ win marks the first time a Singapore as well as Asian bank has won a global accolade from Euromoney, one of the world’s leading financial publications. Euromoney also named DBS Asia’s Best Bank, another first for a Singapore bank.
Said Piyush Gupta, CEO of DBS Bank, “At DBS, we believe that banks tomorrow will look fundamentally different from banks today. That’s why we have spent the past three years deeply immersed in the digital agenda. This has been an all-encompassing journey, whether it is changing the culture and mindsets of our people, re-architecting our technology infrastructure, or leveraging Big Data, biometrics and AI to make banking simple and seamless for customers. Winning Euromoney’s World’s Best Digital Bank award is great encouragement to us, and testament to the strides we’ve made in re-imagining banking.”
In Hong Kong in 2015, DBS became the first bank to launch a dedicated accelerator programme for FinTech startups. Since then, DBS Accelerator has been instrumental in supporting startup businesses and entrepreneurs to deliver breakthrough innovations in the world of finance.
In April, DBS launched digibank in India, the country’s first mobile-only bank. Digibank is branchless, paperless and signatureless, and leverages a combination of groundbreaking technology such as biometrics and artificial intelligence to revolutionise the overall customer experience.
Across its markets, DBS’ retail, wealth and corporate customers are also increasingly engaging with the bank digitally. In 2015, 16% of DBS’ new wealth customers opened accounts with the bank digitally. Today, over 90% of the bank’s remittances are also done by customers digitally using DBS Remit.
To create a “fintech-like” workforce, the bank encourages its people to embrace a digital mindset through experiential learning and experimentation through programmes such as hackathons. Last year, more than 2,000 employees gained exposure to digital culture, agile methodology and other digital concepts.