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Jakarta Post

DBS starts to enjoy returns from digitalization

  • Anton Hermansyah
    Anton Hermansyah

    The Jakarta Post

Singapore   /   Thu, July 12, 2018   /   04:06 pm
DBS starts to enjoy returns from digitalization DBS CEO Piyush Gupta speaks at a media briefing in Singapore on July 12. (JP/Anton Hermansyah)

Singapore bank DBS is starting to enjoy the profit from its digitalization program launched in 2014.

DBS had around 6 million customers in Singapore and Hong Kong in 2017, 2.5 million of whom or about 42 percent, were customers of its digital-based business, DBS CEO Piyush Gupta said on Thursday

"Only 42 percent of our customers converted to [the digital platform], but they produced 63 percent of our profit," he said during a media briefing at the DBS office in Singapore.

He added that revenue from digital customers in 2017 reached SG$1,300 (US$954.47) per customer, compared to SG$600 per customer from the conventional service.

Therefore, Gupta said, the bank had to think like a technology company instead of a bank.

Since 2009, DBS has been converting its physical servers into a cloud, he said, adding that the bank had its own the in-house technology and trained its own employees.

The digitalization program is not only used to serve customers, but also to strengthen the bank’s management.

Gupta said that with the technology, DBS company could estimate how many employees were seeking to resign with an accuracy of 84 percent.

“So, the human resources development unit could anticipate the employees who want to quit the company nine months prior [to their actual resignation]," he said. (bbn)