Singapore’s DBS taps AI and data analytics in clever banking move

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To win more market share Singaporean bank has started using artificial intelligence and analytics to provide customers with hyper-personalised insights and recommendations.

Singapore’s DBS Bank is doubling down on its use of artificial intelligence (AI) and information analytics in a bid to offer retail prospects and buyers with extra personalised providers on their cell devices.

One of many largest banks in Southeast Asia stated such “intelligent banking” capabilities, increasingly rolled out for the cause that start of 2020, integrate predictive analytics and customer-centric design to give insights that will make it simpler for purchasers to manage their funds and investments.

By examining the organisation’s huge trove of customer information, the bank would have the chance to offer investment proposals and suggestions on financial products, stated by Lim Sim Seng, DBS Bank’s group head of client banking and wealth management.

“It’s not just a generic marketing offer – everything has to be hyper-personalised,” said Lim. “This is going to differentiate what a great bank is versus what a good bank is.”

For instance, Lim stated the intelligent banking capabilities within the DBS digital banking app can provide insights suchlike uncommon transactions in a buyer’s accounts and whether or not they have sufficient balances to automate bill payments.

The identical capabilities in the bank’s iWealth wealth management app might also advocate stocks that customers could purchase in a specific sector mainly based on their funding portfolios or notify them about favourable foreign exchange charges of their buying and selling accounts.

In the middle of Covid-19 pandemic, extra DBS customers are already utilizing the bank’s intelligent banking features to trace their private balance sheets, in response to Jeremy Soo, head of DBS’s consumer banking group.

Jeremy Soo stated that in the last six months they have found that numerous customers have made full use of this insight and perceived that they have overspent and more than 33,000 of them have used this feature to make changes their spending habits and convert to a net saver.

In a developed market comparable to Singapore, where there is little room for growth, Lim stated these intelligent banking capabilities will assist DBS to win extra market share and deepen its engagement with customers.

The bank measures the success of its intelligent banking capabilities, only when the efforts result in higher growth in DBS’s fee income, greater use of digital banking to purchase and sell equities, and a decrease quantity of customer cell phone calls stated Lim.

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