DBS Bank, Singapore’s largest bank is a leading financial services group headquartered in Singapore, recognized as one of Asia’s most innovative and digitally advanced banks. As the largest bank in Southeast Asia, DBS is known for its strong regional presence, customer-centric approach, and pioneering use of AI and technology to enhance financial services working on AI for over a decade.
DBS currently has between 8,000 and 9,000 temporary and contract workers. The bank employs around 41,000 people and plans to reduce approximately 4,000 roles over the next three years as AI takes on tasks currently performed by humans. The cuts will primarily impact temporary and contract staff through natural attrition as projects conclude, while permanent employees will not be affected. At the same time, the bank aims to create around 1,000 new AI-related jobs. This move makes DBS one of the first major banks to outline the impact of AI on its workforce.
DBS has deployed over 800 AI models across 350 use cases and expects the measured economic impact of these to exceed S$1bn ($745m; £592m) in 2025 as they continue to strategically integrate Artificial Intelligence (AI) across its operations to enhance customer experiences, streamline processes, and foster innovation.
Hyper-Personalized Customer Engagement: DBS utilizes AI to deliver tailored financial advice and product recommendations. Monthly, over 3.5 million retail and wealth customers in Singapore receive approximately 30 million personalized insights, guiding them toward improved savings, investments, and insurance coverage. Notably, customers engaging with these AI-driven nudges have increased their savings by 83%, invested 4.3 times more, and doubled their insurance coverage compared to non-engaged customers. Source: DBS Bank
AI-Enhanced Small and Medium Enterprise (SME) Support:To assist SMEs, DBS has developed AI models that proactively identify potential credit risks. In 2022, these models successfully detected over 95% of non-performing SME loans at least three months before financial distress became apparent, enabling timely interventions that prevented defaults in more than 80% of identified cases. Source: EDB
AI-Driven Customer Service Optimization: The bank has implemented a Generative AI-powered Customer Service Officer (CSO) Assistant to enhance service efficiency. This tool transcribes and summarizes customer inquiries in real-time, providing CSOs with recommended solutions. The deployment has led to a 20% reduction in average handling time per service request, allowing staff to focus on more complex customer needs. Source: Tearsheet
Internal AI Adoption and Employee Development: DBS has cultivated a robust AI culture by establishing a Data Chapter comprising 700 data professionals. This initiative promotes continuous learning and innovation, with over 9,000 employees participating in AI and data upskilling programs since 2021. The bank has also developed over 600 AI and machine learning models, resulting in an economic impact of SGD 180 million in 2022 through increased revenue, cost avoidance, and productivity gains. Source: DBS
Ethical AI Governance: To ensure responsible AI deployment, DBS has instituted the PURE framework, emphasizing that data use must be Purposeful, Unsurprising, Respectful, and Explainable. This framework guides all AI initiatives, ensuring they align with ethical standards and customer expectations. Source: EDB
With its cutting-edge AI applications, DBS Bank is redefining financial services, enhancing customer experiences, driving innovation, and setting the standard for ethical AI and workforce development.
The ongoing proliferation of AI technology has put its benefits and risks under the spotlight, with the International Monetary Fund (IMF) saying in 2024 that it is set to affect nearly 40% of all jobs worldwide.