DBS Bank has received global recognition for its digital operations by becoming the first-ever bank to be named the World’s Best Digital Bank at the prestigious Euromoney Awards for Excellence.
According to Euromoney, “The award for the world’s best digital bank was one of the hardest-fought of all”, with BBVA, Citi and ING named as other strong contenders for this hotly contested award. However, DBS pipped the others for the global award because of all-pervasive nature of its digital transformation.
“Leaders in digital banking talk about the difference between digitising aspects of a bank and creating a truly digital financial institution,” said Clive Horwood, editor of Euromoney magazine. “DBS is doing this better than any other bank. It is demonstrably the case that digital innovation pervades every part of DBS, from consumer to corporate, SMEs to transaction banking and even DBS Foundation.”
DBS’ win marks the first time a Singapore or an Asian bank has won a global accolade from Euromoney, one of the world’s leading financial publications. Euromoney also named DBS Asia’s Best Bank, another first for a Singapore bank.
DBS Bank CEO Piyush Gupta said, “At DBS, we believe that banks tomorrow will look fundamentally different from banks today. That’s why we have spent the past three years deeply immersed in the digital agenda. This has been an all-encompassing journey, whether it is changing the culture and mindsets of our people, re-architecting our technology infrastructure, or leveraging Big Data, biometrics and AI to make banking simple and seamless for customers. Winning Euromoney’s World’s Best Digital Bank award is great encouragement to us, and testament to the strides we’ve made in re-imagining banking.”
In April, DBS launched digibank in India, the country’s first mobile-only bank. Digibank is branchless, paperless and signatureless, and leverages a combination of groundbreaking technology such as biometrics and artificial intelligence to revolutionise the overall customer experience.
Photo caption: DBS CEO Piyush Gupta receives Euromoney’s World’s Best Digital Bank award in London