Future ready: local banks lead digital charge

DBS stays ahead of the pack as it has grown and nurtured its digital team since 2009.

Local banks are leading the digital transformation of the banking sector with DBS outperforming the pack through a steady stream of IT investments and strategic hires, according to a report from DTS.

DBS ranks strongly in leadership and digital advocacy after making steady digital hires since 2009 and giving those roles high visibility across staff, investors and media.

Also read: DBS launches Electricity Marketplace in Jurong

Similarly, OCBC has been making steady progress with opening up senior data and innovation roles. The bank also recently invested $10m in its own AI unit with the aim of facilitating technological adoption of AI across a wide range of banking services such as wealth advisory and loans financing.

“The Singaporean e-banking sector has been digitally transforming since 2008, predominately led by DBS and other local banks such as OCBC and UOB. These initiatives include a combination of technical, technological and back office overhauls - underpinned by a pronounced cultural pivot,” said DTS founder Marcelo Silva.

This highlights the competitive edge of local banks over other international brands operating in the lion city including Standard Chartered, Citi Bank and HSBC.

“Progress suggests the majority of the Singaporean banks are on the right track. That is, they have established the operational and cultural hygiene required to operate in a fast-paced and hyper competitive landscape. However, during the next wave, these players must stay the course and move from perceptual rewards and ultimately benefit from true innovation: upending existing processes and business models,” Silva added.

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