In an era where technology is rapidly reshaping industries, DBS Bank’s pioneering efforts in Artificial Intelligence (AI) have caught the attention of Harvard Business School (HBS). HBS has published a case study detailing DBS’ AI strategy, marking the first time the prestigious institution has spotlighted a Singaporean company or an Asian bank in the context of AI. Authored by Professor Feng Zhu, MBA Class of 1958 Professor of Business Administration at HBS, the study delves into DBS’s AI journey since 2014, examining its strategy and implementation of AI to create business value and exploring its forward-looking approach to Generative AI.

Unlocking Value Through AI

DBS, a leading bank in Asia, has been integrating AI into its core processes, transforming how it delivers financial services and creating substantial value for its customers and employees. As Professor Zhu noted, “The case study on DBS illustrates how AI technologies can potentially transform traditional industries, such as financial services, while driving value creation. By integrating AI into core processes, companies can unlock new potential for customer-centricity and operational excellence.”

Since 2014, DBS has scaled AI across its operations, embedding the technology into over 350 use cases, utilizing more than 800 AI models. The applications of AI at DBS are vast and varied, from generating hyperpersonalized nudges that help customers make smarter financial decisions, to empowering relationship managers with deeper insights, to offering employees personalized upskilling and career development paths.

DBS CEO Piyush Gupta emphasized the bank’s dedication to AI, stating, “AI is shaping up to be an absolute game changer in the way we live and work. DBS has been working with AI for over a decade now, and in recent years, we’ve managed to industrialise the use of AI across the bank. We today deploy over 800 AI models across 350 use cases, and expect the measured economic impact of these to exceed SGD 1 billion in 2025, after sequential doubling in the last few years.”

A Pioneer in AI Strategy and Leadership

DBS’s leadership in AI has not gone unnoticed. In 2023, DBS was ranked #1 for AI Strategy Leadership in the Global Evident AI Index, an independent benchmark evaluating 50 of the largest financial institutions worldwide on AI readiness. DBS was the only Asian bank in the Index’s Top 10, placing #10 overall. This recognition underscores the bank’s advanced AI infrastructure and governance, which have set it up to capitalize on emerging technologies like Generative AI while carefully managing potential risks.

Additionally, in 2024, DBS was honored with a Global Model Bank Award for AI Industrialisation by Celent, a leading global research firm focused on technology in financial institutions. This accolade recognizes DBS’s exceptional achievement in scaling AI across its operations and using it to drive meaningful business outcomes.

A Model for AI-Driven Transformation

Harvard Business School’s case study on DBS is not just an exploration of AI’s role in the financial services industry—it is a blueprint for how organizations can adopt AI to transform their business. The case study will be used in HBS’s MBA Program, Senior Executive Leadership Program – China, and other executive education courses related to AI and digital transformation, providing future business leaders with invaluable insights into the potential of AI in traditional industries.

As DBS continues to push the boundaries of AI, it serves as a model for companies worldwide, showcasing how the right blend of innovation, governance, and strategic vision can unlock new possibilities. The future of banking is being shaped in Asia, and DBS is at the forefront of this revolution.

The HBS case study on DBS’s AI strategy can be accessed at: Harvard Business School Case Study.