CEO Southeast Asia’s top bank DBS says AI adoption already paying off
In a recent appearance at the Singapore Fintech Festival, Tan Su Shan, the CEO of DBS Group Holdings Ltd., shared her insights on the transformative power of artificial intelligence (AI) within the banking sector. While some reports have raised concerns about the lack of returns on AI investments, Tan firmly believes that DBS is already reaping the benefits of its AI initiatives.
With over a decade of experience in implementing AI across its operations, DBS has positioned itself as a leader in leveraging AI to drive business growth. The bank has integrated generative and agentic AI technologies into its processes, leading to a significant increase in revenue. Tan projects a revenue bump of more than 1 billion Singapore dollars this year, compared to SG$750 million in 2024, thanks to the deployment of over 1,500 AI models across 370 use cases.
One of the key areas where DBS has seen the impact of AI is in its financial services to institutional clients. By harnessing AI to analyze and personalize offerings for clients, the bank has achieved faster and more resilient teams, leading to increased deposit growth compared to its competitors. Additionally, DBS recently launched “DBS Joy,” an AI-powered assistant for corporate clients, providing round-the-clock support for banking queries.
Despite the success stories at DBS, industry reports have highlighted challenges faced by many companies in realizing returns on AI investments. However, there are signs of progress within the banking sector, with major players like JPMorgan Chase reporting positive outcomes from their AI initiatives. DBS remains committed to accelerating its AI development, aiming to become an AI-powered bank that offers personalized financial advice to its clients.
While DBS continues to invest in AI, Tan emphasizes the importance of reskilling employees to adapt to the evolving technological landscape. The company has launched AI reskilling initiatives and deployed AI-powered coaching tools to support its workforce. Rather than reducing headcount, the focus is on automating mundane tasks to enable employees to build and maintain relationships with customers.
In conclusion, DBS’s success story with AI serves as a testament to the transformative power of technology in the banking industry. By leveraging AI to enhance customer experiences and drive business growth, DBS is paving the way for a new era of banking innovation.
