DBS Bank and IBM today announced an agreement in which DBS will deploy IBM’s Watson cognitive computing innovation to deliver a next- generation client experience. This collaboration is part of an ongoing journey by DBS to shape the future of banking.
For a start, DBS intends to apply Watson to its wealth management business to improve the advice and experience delivered to affluent customers. Watson is a cloud-based technology that can process enormous amounts of information with the ability to understand and learn from each interaction at unprecedented speed, representing a significant shift in the ability for organizations to quickly analyze, understand and respond to vast amounts of Big Data.
DBS’ implementation of IBM’s cloud-based Watson Engagement Advisor solution – targeted for rollout in the second half of the year – comes as the bank continues to execute on strategy to be a leading regional wealth player. DBS will look to progressively deploy these capabilities to its other businesses over time.
The collaboration with IBM is DBS’ latest initiative to harness Big Data to deliver a better customer experience – providing more precise, customized and quality actionable insights that meet its clients’ needs.
With Asia creating wealth faster than anywhere else in the world, coupled with increasingly sophisticated and digitally-savvy customers, banking relationship managers need to be empowered with sophisticated and intuitive tools that enable them to respond more speedily with insightful and tailored solutions.
IBM Watson will help DBS’ relationship managers analyze large volumes of complex unstructured and structured data, including research reports, product information and customer profiles; identify connections between customers’ needs and its growing corpus of investment knowledge, and help advisors weigh various financial options available to customers.
Applying IBM Watson’s capabilities will enable DBS professionals to take control of a ‘data deluge’ and arm them with data-driven insights that can personalize the client experience.
“In the digital era, consumers’ ability to access information and make choices has changed dramatically, and new technologies are revolutionising our way of life,” said DBS CEO Piyush Gupta. “To remain relevant, we need to continuously innovate. At DBS, we have been on a journey to shape the future of banking, and this collaboration with IBM enables us to explore ways to better harness data, providing more precise, customized and quality solutions that correspond to our clients’ needs,” he added.