Background
Banks were being challenged by fintech start-ups and big tech companies offering faster, simpler services. DBS decided to compete by thinking of itself as "a technology company delivering banking services".
The challenge
Old systems, slow processes and a traditional culture made it hard to launch new products quickly or give customers a modern experience.
What they built
- Moved its systems to the cloud
- Opened a developer platform with more than 1,000 APIs so partners could connect to the bank
- Reorganised teams into small, agile squads
- Launched digibank, a mobile-only bank, in India in 2016
- Changed its culture, including simpler, shorter meetings
The results
DBS became the first bank named World's Best Digital Bank by Euromoney in 2016, and later the first to hold World's Best Bank and World's Best Digital Bank at the same time. Its India digibank signed up more than a million customers by 2017.
Sources
Public examples compiled from company reports, with sources on each page. Vozile is not affiliated with these companies and did not work on these projects. Trademarks belong to their owners.
