Professional Wealth Management (PWM)’s Editor in Chief Yuri Bender said, “We were impressed by the bank's growing reputation in both its Singapore home market and nearby countries in South-East Asia. Particularly important to the judges was the notion that innovation is not seen as a one-off project by DBS, but as part of a continuous automation of all internal processes and a genuine desire to lift the quality of all digital capabilities. Increased scale since the take-over of the Societe Generale Asian banking franchise is alerting much of the private wealth community to the DBS story and our panel of judges believes this is a bank to watch. The innovative move to provide a Big Data solution through a system for relationship managers, powered by IBM Watson, is being closely monitored by rivals, consultants and clients alike.”
Since 2010, DBS’ wealth management business – comprising DBS Treasures, DBS Treasures Private Client and DBS Private Bank – has grown consistently by about 20 per cent annually. As at the end of 2014, DBS’ high net worth* AUM and AUM for all wealth customers stood at SGD92 billion and SGD133 billion respectively. From end 2014 to end June 2015, DBS’ wealth management AUM grew 6% and stands at around SGD141 billion today.
In 2014, the bank made a commitment to investing SGD 200 million over three years in digital banking and has since rolled out initiatives such as RM Mobility, which provides relationship managers with an integrated mobile platform used to engage customers from the very beginning of their banking experience with DBS. DBS also recently introduced an enhanced version of DBS iWealth, its all-in-one digital wealth management platform. The state-of the-art platform is customisable, provides powerful features and services that allow customers to manage their wealth and stay updated on market trends while on the go. In March 2015, DBS piloted DBS Wealth Adviser powered by IBM Watson with its relationship managers and investment specialists, who are using it to process reams of research and highlight areas of interest, with the aim of boosting their ability to make informed and relevant product recommendations to customers.
Said Tan Su Shan, Group Head of Consumer Banking & Wealth Management at DBS Bank, “These accolades are testament to the strides we have made in embracing the digital world across the bank and we are thrilled to be recognised as the world’s best in innovation. We are proud to represent DBS and also Singapore on the world stage. The wins are also an endorsement of DBS’ strong culture of innovation and focus on placing the customer at the heart of all we do. We are not staying still and will continue to focus on enhancing the delivery of our financial and banking capabilities to our clients. This includes our initiatives to deliver the next generation client experience in providing advice and the ongoing development of our best-in-class digital wealth platform.”
*AUMs from HNWI with more than SGD1.5 million in investible assets
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About DBS DBS - Living, Breathing AsiaDBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's capital position, as well as "AA-" and "Aa1" credit ratings, is among the highest in Asia-Pacific. DBS has been recognised for its leadership in the region, having been named “Asia’s Best Bank” by The Banker, a member of the Financial Times group, and “Best Bank in Asia-Pacific” by Global Finance. The bank has also been named “Safest Bank in Asia” by Global Finance for seven consecutive years from 2009 to 2015.
DBS provides a full range of services in consumer, SME and corporate banking activities across Asia. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. These market insights and regional connectivity have helped to drive the bank’s growth as it sets out to be the Asian bank of choice. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 21,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
