Singapore-based DBS Bank has become a top-ranked bank globally driven by its successful digital transformation initiatives, focus on sustainability, and high-quality customer service. DBS has managed to maintain its competitive edge by embracing digital innovation and staying at the forefront of the rapidly changing financial landscape. DBS kicked off a purpose-driven digital adoption agenda in 2014, laying out a five-year roadmap that coincided with the rise of fintech and the earnest start of digitalisation for financial services. DBS Group CEO and Director, Piyush Gupta, set the lofty aim of being named the best bank in the world on the back of an ambitious digital strategy. By 2018, the bank was already winning multiple awards and earning a reputation as the best bank in the world – two years ahead of the five-year plan. Since embarking on this transformation process, adopting digital has become something of a necessity for traditional banking and many financial institutions have sought to emulate DBS’ tactics, with mixed success. A Singapore Management University (SMU) study published by Harvard Business School analysed the three waves of purpose-driven transformation the bank went through: overhauling the bank’s systems, upgrading employee skills, and re-centering its customer focus, with the […]