DBS Bank received global recognition as it has been named the ‘World’s Best Digital Bank’ and ‘World’s Best SME Bank’ by Euromoney. It is the first Asian Bank and Singapore bank to win two awards in the global category at the prestigious Euromoney Awards for Excellence 2018.
For the hotly contested ‘World’s Best Digital Bank’ award, DBS beat top-tier global competitors such as Bank of America and HSBC to come out tops. This is the second time DBS’ leadership in digital banking has been recognised by Euromoney as being the best globally, the first being in 2016.
Said Euromoney, “DBS has shown the power of being articulate about digital banking and the bank has long since entrenched an entrepreneurial, tech-led culture which pervades every business line and every level of seniority. But being able to get into the detail and explain how and why a digital path is one paved with profits? that’s a new and important step.
“Quantifying exactly what digitalisation means for profitability – and it means plenty – is a useful tool not only for investors but for the whole industry. The market is so impressed by what it has heard from DBS that it’s beginning to be revalued as a bank crossed with a tech stock.”
To measure the effectiveness and pervasiveness on its digital transformation efforts, DBS is believed to be the first bank in the world to develop a methodology for measuring the financial value created by digitalisation. Through its digital value capture methodology, it has been able to draw up an effective business plan to drive digital behaviour among customers, making it simpler for customers to engage with the bank online.
As a testament to its digital transformation strategy, DBS improved its cost-income-ratio from 45.4% in 2015 to 43% in 2017. Revenues have also increased by 10.4% over the same period. Meanwhile, the proportion of customers in Consumer and SME Banking in Singapore and Hong Kong that are digital rose nine percentage points since 2015 to 42 per cent today.
DBS’ ‘World’s Best SME Bank’ win validates the bank’s efforts in supporting SMEs in Asia through regional connectivity and digital innovation.
Said Euromoney, “It is rare to find banks that offer comprehensive services to SMEs cross-border. Singapore is an exception, and DBS has made the greatest progress in our review period, taking the lessons it has learned in serving Hong Kong and Singapore SMEs and applying them in India, Greater China, and Indonesia.
“DBS has harnessed its digital excellence to provide convenience, speed and comprehensive solutions to small and medium enterprises. It is extremely well placed to assist the growth of these businesses from India to the Greater Bay Area, and it is doing so without compromising asset quality.”
Said DBS CEO Piyush Gupta, “Since our founding 50 years ago, DBS has always had a history of trailblazing and innovating. Five years ago, we envisioned that the future would be one marked by accelerating change; since then, we have proactively disrupted ourselves with a singular goal in mind: to make banking simpler, faster and better for our customers. In this milestone year, we are very honoured that DBS’ digital leadership is recognised as leading the way not just in Asia but in the world.”