To be named Best Bank in the World in today’s rapidly evolving financial services industry requires a special combination of safety and innovation. DBS Bank took the title on the strength of its digital transformation, strong financials, and good corporate citizenship.
Southeast Asia’s largest bank and most valuable company, DBS continues to win new customers by using its own technology to make banking simpler and more efficient. In private banking, DBS has leapfrogged the Swiss white-glove approach, taking the field into a digital future that fits the preferences of its regional clients. DBS’s hub is an iWealth platform that increased high-net-worth customers’ online trading by 75% last year and added 45% to assets under management. The trading platform is integrated with the bank’s pan-Asian brokerage operation.
DBS produced record earnings of $3.18 billion last year, with Singapore and Greater China (mainland China, Hong Kong, Macau, and Taiwan) the outperforming markets. In 2017, it also successfully completed the integration of ANZ’s former retail and wealth franchise across Singapore, Hong Kong, China, Indonesia, and Taiwan, adding more than 100,000 affluent customers. It also replicated the success of digibank by DBS, its online banking service, in India and Indonesia.
“As we seek to reimagine banking, we are gratified by the global recognition of our efforts,” says Piyush Gupta, CEO of DBS. “Receiving the Best Bank in the World Award is a great honor and shows once again that Singapore punches above its weight. It is a moment of pride that we are honored to share with all our customers, employees and shareholders.”
—Piyush Gupta, CEO