While all banks invest in artificial intelligence, few can point to its true value with precision. DBS has managed to do just that. In 2024, the bank attributed S$750 million ($589 million) in tangible economic impact to its AI initiatives – more than double the previous year’s figure. This achievement underscores why the Singapore-headquartered bank continues to lead Asia’s digital banking revolution.
“We remain committed to building enduring customer relationships grounded in trust, safety and purpose,” says Tan Su Shan, DBS’s chief executive officer. “While our digital and innovation capabilities are important enablers, our focus continues to be on making banking simpler, smarter and safer as we walk alongside our customers through cycles and partner them on their growth paths.”
With over 1,500 AI and machine learning models deployed across 370 use cases, DBS has industrialised artificial intelligence. From internal audit functions using AI to manage risk, to customer service representatives aided by generative AI assistants that reduce call handling time by 20%, the bank has embedded intelligent technology into virtually every corner of its operations.
This comprehensive approach reflects a decade-long journey that began in 2014 when DBS set out to become what it called “a different kind of bank”. Rather than treating digital as a separate channel, the bank rebuilt its entire technology architecture, enabling capabilities that would prove essential years later.
In 2024, DBS made generative AI a strategic priority through a distinctive two-pronged approach. Horizontally, the bank democratised AI access by equipping all employees with tools for reading, writing, searching and summarising information. Its proprietary DBS-GPT platform, now accessible to over 90% of staff, demystifies the technology while supporting research and decision-making.
The impact on customers has been profound. In 2024, DBS delivered 1.2 billion AI-powered personalised nudges to 13 million customers across the region
Vertically, DBS deployed targeted applications tailored to specific roles. Customer service officers benefit from real-time transcription and response recommendations, while relationship managers use AI to synthesise vast amounts of data for more meaningful client conversations. To ensure responsible deployment, DBS established internal guardrails addressing risks like hallucination and data appropriateness, while actively participating in industry-wide governance initiatives.
The impact on customers has been profound. In 2024, DBS delivered 1.2 billion AI-powered personalised nudges to 13 million customers across the region. In Singapore, those who engaged with these nudges and used the bank’s AI-powered financial planning tools achieved remarkable results: saving twice as much, investing five times more, and securing nearly three times more insurance coverage than non-users.
PayLah!, the bank’s decade-old mobile wallet, exemplifies how digital innovation can reshape entire markets. With 41.6 million monthly logins, it now processes over 60% of Singapore’s hawker centre – open-air food courts – digital payments. The platform has become so embedded in daily life that “PayLah” has entered the vernacular as a verb.
Beyond consumer banking, DBS has emerged as a pioneer in institutional blockchain services. The October 2024 launch of DBS Token Services enables corporations like Ant International to settle multi-currency transactions instantly around the clock, unconstrained by traditional banking hours.
The bank’s digital asset platforms have also gained significant traction. Assets under custody grew 20% as professional investors sought institutional-grade services, while unique clients trading crypto increased 91% year-on-year, with trading volumes surging over four times.
Looking ahead, DBS expects its AI-driven economic impact to exceed S$1 billion in 2025. In an industry where digital transformation often remains more aspiration than achievement, DBS has demonstrated that systematic, measurable innovation can set a new standard for digital excellence in Asia.
