Financial services firms are at various stages of defining their vision for AI and what value AI can bring to their organization. In reality, most firms are still far from realizing significant commercial value from their AI investments. Singapore-based DBS Bank stands as a role model for these firms. After several years of strategic investment and hard work to develop deep data and AI capabilities, the bank is now harvesting the fruits of that labor.

My new report, Case Study: DBS Bank’s Billion-Dollar AI Banking Dream, details how the bank uses AI to generate hundreds of millions of dollars of value for its employees, customers, business units, and, ultimately, shareholders. Here are a few snippets of the bank’s successful AI journey so far.

DBS Bank masters the art and science of scaling AI across its entire business.

DBS Bank has developed hundreds of AI use cases over the past three to four years, each specifically designed to create valuable outcomes for customers across various business lines. These include using AI in consumer and wealth banking, small business banking, and corporate banking.

For example, in the consumer segment, AI-generated advice helped customers increase their savings by 83%, investments by 4.3 times, and insurance coverage by 2.3 times, thus also tripling the income multiple earned from digital customers.

Similarly, DBS deployed AI to power its small business lending, through fast working capital loans with built-in AI cash flow monitoring solutions that helped to predict 95% of at-risk loans and prevent most of them through timely intervention and support. By scaling AI capabilities to other areas like corporate and transactional banking, DBS accelerated its client acquisition and asset growth that helped it become a market-share leader domestically. In sum, DBS Bank helped customers secure better financial outcomes while capturing $370 million of economic value coming from additional revenue, cost savings, and risk avoidance. 

In addition, DBS Bank successfully leveraged AI to improve its employee experience, engagement, and career development. Internal AI-enabled solutions helped to tailor individualized programs to upskill hundreds of and contribute to filling nearly 30% of all job vacancies, thus driving retention and internal mobility.

Forrester clients can read the case study to learn more about the impact and results that DBS Bank’s AI initiatives have delivered.