05 Aug DBS Clinches Global Accolade for Innovation in Digital Banking
DBS has been honored as the global winner for Most Innovative in Digital Banking by Financial Times publication, The Banker, in its 2021 Innovation in Digital Banking Awards.
The bank was also recognized as the Asia-Pacific winner and won in the Cyber Security category for its Secure Access and Remote Working Solution.
The Banker’s Innovation in Digital Banking Awards recognizes the most innovative banks across the world for their digital banking initiatives, strategy, and overall commitment to digital transformation. These awards, now in their second year, are the evolution of The Banker’s Technology Projects of the Year Awards.
Joy Macknight, the editor of The Banker, said, “Congratulations to DBS for winning the Global and Asia-Pacific accolades in The Banker’s Innovation in Digital Banking Awards 2021. It is a fitting tribute to a bank that is renowned for being ahead of its peers in adopting emerging technologies that are reshaping the banking industry. During the past year, it launched: DBSDigital Exchange, a blockchain-based ecosystem for fundraising through asset tokenization and secondary trading of digital assets including cryptocurrencies; NAV Planner, a feature-rich digital advisory solution powered by more than 100 artificial intelligence (AI) models; and a Covid contact-tracing solution using AI/machine learning. These initiatives are testament to DBS’ innovative spirit.”
Piyush Gupta, DBS CEO, said, “We are honored to be recognized by The Banker for being the most innovative in digital banking globally. DBS has been studying and experimenting with emerging technologies over the years. We believe some of these have reached a tipping point, presenting new opportunities for growth. One area is asset digitalization, which along with blockchain technologies, has the potential to reshape capital markets. Another is Artificial Intelligence/ Machine Learning, which we continue to leverage in order to provide customers with hyper-personalized financial solutions. DBS has been successful in our digital transformation over the years because of a pervasive culture of experimentation, agility, and innovation, and we will continue on this path so as to be on top of the megatrends shaping the future of banking.”
Separately, DBS was also named Asia’s Best Bank and Asia’s Best Digital Bank by leading financial publication Euromoney in its regional Awards for Excellence 2021. This marks the fourth time that the bank has picked up both accolades, and the third consecutive year that DBS has been recognized by Euromoney as Asia’s Best Bank. Euromoney also named DBS Best Bank and Best Investment Bank in Singapore.
In its 2021 award citation naming DBS Asia’s Best Digital Bank , Euromoney noted: “DBS’ digital capability was tested to the core by Covid, and it not only stepped up but turned the situation to its advantage. From consumer to institutional, DBS used the opportunity to convert clients to digital channels, benefiting from improved economics as it did so.
Before long the government was counting on the bank to disburse emergency payments to those under stress. Amid all this, DBS still found the time to do striking new things. The most impressive was the launch of the DBS Digital Exchange, the first instance worldwide of a major bank creating a new platform on this scale… On the wealth side, the DBS NAV Planner was also an important part of the bank’s vision to democratise wealth and increase financial literacy.”
The DBS Digital Exchange (DDEx) has enjoyed strong market traction since its launch in December 2020, with DBS recently announcing DDEx’s maiden Security Token Listing(STO) – the SGD 15 million DBS Digital Bond.
The capabilities of DBS NAV Planner have also been further enhanced since its initial introduction in April 2020, with new features including an AI-powered digital investment advisory feature to help individual retail customers make better investment decisions, and a ‘Map Your Money’ interactive dashboard which can project a customer’s future retirement needs based on their current finances.