Singapore's largest lender inaugurated its latest tech tool, a digital financial adviser. The bank is reaping benefits from digitizing its business.
DBS Bank launched «Your Financial GPS», or what it claims is Singapore’s first holistic digital financial adviser. The tool is now available to DBS and POSB customers via iBanking and digibank apps, the bank said in a media statement.
The bank developed the latest digital offering after conducting face-to-face customer interviews and prototyping sessions as well as crunching user data and behavioral activity. As a result 2.5 million DBS and POSB customers now have immediate access to the digital adviser.
Digital Acclaim
DBS recently hiked its first-quarter net income by a quarter in part due to productivity gains from spending cuts and the wider adoption of digitization across it business. DBS' board also bumped Chief Executive Piyush Gupta up a pay grade because of how DBS' digital strategy was received when it was rolled out in detail last November.
