Choosing Banking Partners: On Digital Transformation, Singapore’s DBS Bank Wins

CFOs across Asia who believe that digital capabilities are important in a banking partner should take a look at Singapore’s DBS Bank.

In a new report, digital transformation measurement services DTS says DBS Bank is “ahead of the pack” among financial institutions in Singapore for its strong leadership and digital advocacy.

“The bank has been making steady digital hires since 2009 and had given these roles high visibility across all stakeholders, including staff, investors and general media,” says DTS. “OCBC has also been making steady progress with senior data and innovation roles.”

“Singaporean banks are actively connecting via social channels and benchmark strongly against other markets,” DTS adds. But they still have some catching up compared with other “progressive banks” in Asia, such as Australia’s ANZ Bank.

DTS founder Marcelo Silva says Singaporean banks “have established the operational and cultural hygiene required to operate in a fast-paced and hyper competitive landscape.”

“However, during the next wave, these players must stay the course and move from perceptual rewards and ultimately benefit from true innovation: upending existing processes and business models.”

DTS benchmarked DBS, OCBC, UOB and Maybank in the study, which are part of a competitor set that includes local players and international brands Standard Chartered Bank, Citi Bank and HSBC.