Everything You Should Know About Leaders in Digital Banking

 

Warren Buffet said, “Digital transformation is an essential aspect of today’s business environment.” These are the famous words of Warren Buffet. Through digital change, businesses can save money and boost productivity. DBS Bank has indeed retained its status as the “World’s Best Digital Bank.”

DBS has proven to have the amazing ability to not just weather a crisis but to seize the opportunity to innovate and boost its operational effectiveness.

The leaders in digital banking talk about the differences between digitalizing an internal bank process and turning a bank into a completely digital financial organisation. DBS made 2021 remarkable by making several noteworthy acquisitions, advancing digitalization throughout the bank, and demonstrating a dedication to sustainability.

As a premier digital bank, DBS is popular for putting many innovative projects into practise. To name a few:

1. DBSDigibank

DBS recognised and took full advantage of the chance to establish a digital bank since it caters to some of the world’s fastest-growing mobile markets. As a digital bank, DBS works hard to appeal to the digital generation and make banking easier. The Singapore-based bank used a three-pronged approach to achieve this goal while encouraging expansion and guaranteeing simple scalability. It consists of:

• Rethink or revamp the customer experience.
• Adopt and acknowledge contemporary technologies.
• Modify the company culture.

DBS planned a mobile-only bank that would provide all the services of a regular bank but without any physical branches, guaranteeing smooth and paperless transactions at every turn. The end product is a Digibank that provides simple, quick, and safe banking.

Because of this, DBS had to create a platform that was adaptive, scalable, and flexible to enhance its services and add new features that would provide optimal convenience and security.

2. The Digital Bridge Services

With backing from DBS, DBS Digital Exchange provides trading services for a variety of digital assets, such as cryptocurrencies and security tokens.

To efficiently create financing, both major enterprises and SMEs can digitalize their property and securities on the Secured Token platform through DBS Digital Exchange. It gives these institutions additional avenues for raising money and providing structured financial products to companies.

3. Reliable Financial Management

Using responsible banking, DBS provides services such as:

• Equitable Transactions

Financial planning is crucial for a corporation to meet its objectives. It comprises creating procedures, policies, budgets, timelines, and goals for the financial operations of the business. To assist with financial planning, DBS provides pertinent information, helpful recommendations, and professional advice as part of its digital banking services. Among the methods to deal with customers equitably are:

• attending to the needs and desires of customers.
• Delivering customised financial results
• Improving financial advisers’ ability to meet customers’ demands
• Increasing transparency and clarity in communication

• Ethical Financial Management

Preserving our ecosystem and natural resources requires building a sustainable future. Financial institutions assess environmental, social, and governance (ESG) aspects and the opportunities and dangers they pose in the context of sustainable financing.

Through its Group Core Credit Risk Policy and Group Responsible Financing Standard, for example, which provide criteria for taking ESG considerations into account in managing credit risk and financing activities, DBS encourages environmentally friendly operations.

• Financial Integration

Regardless of their financial status, DBS offers appropriate financial solutions to individuals and enterprises, including those that support and contribute to the Sustainable Development Goals (SDGs). DBS provides Singaporeans with affordable and subsidised banking services.

It helps SMEs with modest loans and working capital loans through government-supported programmes.

• Section Cybersecurity

DBS protects client assets and confidential data by utilising the Group Information Security Policy and the Cyber Security Risk Management Framework.

4. Non-Banking Affairs

DBS supports social entrepreneurs who want to make a positive impact on society by:

DBS Foundation Limited

Through its unique DBS Foundation, Singapore’s leading digital bank offers targeted support to innovative social entrepreneurs for societal impact. The DBS Foundation commits to providing funding and many other resources, such as skill-building seminars, mentorship, business opportunities, and customised initiatives, to assist social entrepreneurs around Asia.

Social entrepreneurs usually work very hard to make an impact since they have limited resources. The DBS SE is an initiative that helps social entrepreneurship by offering mentoring money and training.

Zero Food waste

In 2020, DBS initiated the Zero Food Waste (ZFW) effort to eradicate food waste and build a safe food future. This project aligns with responsible banking, ethical corporate practises, and generating social impact.

Give for the greater good.

By contributing back to society and the community, DBS plays a vital role in promoting causes and helping individuals and groups.

With all these unique offerings that go beyond traditional banking, DBS has established itself as leaders in digital bank on a worldwide scale. For DBS, going digital is a creative and sustainable way to expand.