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THE CASE of DBS BANK Publication No AsiaCase.com the Asian Business Case Centre REWIRING THE ENTERPRISE FOR DIGITAL HBP No. NTU071 INNOVATION:THE CASE OF DBS BANK Publication No. : ABCC-2015-004 Print Copy Version: 2 Jun 2015 Sia Siew Kien, Christina Soh, Peter Weill & Yvonne Chong This case chronicled the digital transformation of DBS Bank in seeking regional growth amidst a new digital era in the Asian banking industry. Led by its CEO, DBS invested heavily in technology and undertook radical changes to ‘rewire’ the entire enterprise for digital innovation. Key thrusts of its digital transformation strategy involved the revamp of its Technology and Operations organization, the development of scalable digital platforms, the leverage on technology to redesign the customer experience, and the internal incubation and external partnering in seeking new digital innovation. However, questions remain whether DBS has done enough to put digital at the heart of banking? What should be the next steps in their digital strategy? Where should the bank direct its technology investment dollars? How can DBS systematically assess the opportunities and threats of digital disruption in the banking industry and devise a set of possible strategic responses? How can DBS stay at the forefront of digital innovation to become the Asian Bank of Choice for the New Asia? Associate Professor Sia Siew Kien, Professor Christina Soh, Professor Peter Weill and Yvonne Chong prepared this case based on public sources and interviews with key personnel of DBS Bank. As the case is not intended to illustrate either effective or ineffective practices or policies, the information presented refl ects the authors’ interpretation of events and serves merely to provide opportunities for classroom discussions. COPYRIGHT © 2015 Nanyang Technological University, Singapore. All rights reserved. No part of this publication may be copied, stored, transmitted, altered, reproduced or distributed in any form or medium whatsoever without the written consent of Nanyang Technological University. For copies, please write to The Asian Business Case Centre, Nanyang Business School, Nanyang Technological University, Nanyang Avenue, Singapore 639798 DoPhone: +65-6790-4864/5706, Not Fax: +65-6791-6207, Copy E-mail: [email protected] or Post This document is authorized for educator review use only by Eric Thompson, University of Colorado - Denver until April 2017. Copying or posting is an infringement of copyright. [email protected] or 617.783.7860 Page 2 AsiaCase.com the Asian Business Case Centre ABCC-2015-004 Banks need to shake themselves out of the Chief Executive Of cer (CEO) of DBS in 2009, to institutional complacency and recognize leverage digital technology not just as an infrastructure that merely navigating waves of regulation platform for growth, but also to accelerate the pace and waiting for interest rates to rise won’t of banking innovation for the increasingly tech-savvy protect them from obsolescence.1 Asian consumers. DBS spent S$600 million annually on technology inclusive of its investment in Internet and mobile banking platforms. In 2014, the CEO announced INTRODUCTION an additional S$200 million investment over the next three years, as DBS would continue to develop its Since its establishment by the government in 1968, digital capabilities to chart the way forward: DBS Bank (DBS) had grown from a Singapore bank to become the largest bank by assets in Southeast Whether we know it or not, the digital Asia. In 2014, DBS’ network centred on three key revolution has put banks under siege. Asian axes of growth – Greater China, Southeast Asia With Internet 2.0 and mobility, the game and South Asia, with over 280 branches across 18 has been re-defi ned. Banks in Asia are countries. (See Exhibit 1 – Geographic and Business on a burning platform of competition from Mix.) More than half of the bank’s 21,000 employees mobile and Internet companies. If we don’t were based outside of its home market.2 Its expansion embrace digital – and quickly – there is a had continued to impress, with its pro ts growing real danger that our lunch will be eaten. consistently, and its net pro t in 2014 had doubled After all, my fi rm belief is that in the future, from its 2010 full-year earnings. (See Exhibit 2 – Key people won’t need a bank, they need Financials). banking.7 DBS was recognized as one of the world’s strongest3 and well-capitalized banks, with “AA-” and “Aa1” credit BACKGROUND ratings that were among the highest in the Asia-Paci c. It had received a range of accolades including being DBS provided a full range of nancial services in Asia named ‘Safest Bank in Asia’ for six consecutive years with businesses in institutional banking, consumer to 2014, the ‘Best Bank in Asia Paci c’, the most banking, and wealth management. In Singapore, it had valuable bank brand in ASEAN4, and overtaking the the largest network of over 2,500 touchpoints including iconic Singapore Airlines to become the country’s branches, ATMs, self-service kiosks and partnerships, most valuable brand. In 2014, DBS was ranked Asia’s which served 4.5 million customers in the city-state. third-largest trade nance bank by market share, after global banks HSBC and Citigroup.5 DBS was the only Piyush Gupta joined DBS in 2009 as the new Asian bank among the top 10 private banks in Asia, CEO after 27 years with Citigroup. He saw in an industry dominated by global wealth managers signi cant growth opportunities in Asia, at a time of including UBS, Citigroup and Credit Suisse.6 weakening economic growth in the US and Europe. The population of Asian middle class was expected to A strategic enabler for this transformation was the grow to 1.7 billion by 2020, compared to 550 million relentless drive by Piyush Gupta, who was appointed in Europe. Similarly, the High-Net-Worth-Individual 1 Accenture. The Future of FinTech and Banking. (2015, March). Retrieved May 4, 2015, from http://www. ntechinnovationlablondon. net/media/730274/Accenture-The-Future-of-Fintech-and-Banking-digitallydisrupted-or-reima-.pdf 2 Mortlock, S. (2015, April 15). Half of DBS jobs now outside Singapore as bank ramps up regional recruitment. eFinancialCareers. 3 DBS ranked 7th strongest bank globally in 2014 by Bloomberg. 4 Association of Southeast Asian Nations (ASEAN) is made up of 10 member countries; Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. 5 DBS. (2014, March 27). Asia Transaction Banking. Delivering Sustainable Returns. Retrieved May 4, 2015, from https://www.dbs.com/ iwov-resources/pdf/investor/other-materials/2014/2014-0327_GTSpresentationupdate.pdf 6 Vallikappen, S. (2014, October 21). UBS retains top spot among wealth managers in Asia. Bloomberg. Do7 Gupta, P. (2014).Not Banking Disrupted. DBS . CopyRetrieved June 4, 2015, from https://www.dbs.com/newsroom/in or Post uencer/default.page This document is authorized for educator review use only by Eric Thompson, University of Colorado - Denver until April 2017. Copying or posting is an infringement of copyright. [email protected] or 617.783.7860 AsiaCase.com Page 3 the Asian Business Case Centre ABCC-2015-004 (HNWI) wealth was expected to grow at a compounded might actually allow us to do in a different annual rate of 9.8% in Asia, compared to 7.1% in way what we’d been seeking to do with Europe and 6.4% in North America.8 an acquisition.10 Piyush repositioned the growth strategy from one that Piyush Gupta was “lacking in boundaries”9, to a new vision for DBS CEO, DBS to be the ‘Asian Bank of Choice’. The new strategy was reinforced by ve pillars – Asian relationships, The need to leverage digital technology was also Asian insights, Asian innovation, Asian connectivity, becoming apparent with the changing face of the and Asian service – to cultivate a competitive edge Asian consumers. In Asia, there were over 700 million with deep understanding of Asian cultures, to digital banking users in 2014 and this was expected leverage technology in supporting customers across to grow to 1.7 billion by 2020.11 Generally younger Asia, and to provide a distinct brand of Asian service and more mobile-centric, the new Asian consumers characterized by being “Respectful, Easy to deal with, were leading the adoption of smartphones and might and Dependable”. prefer to be engaged very differently. (See Exhibit 4 – APAC Digital Adoption.) This could be seen in the However, DBS’ physical banking presence was much fast growth of digital banking in Asia. In 2011-2014, smaller than that of its ASEAN counterparts, such as digital banking penetration in the developed markets, Malaysia’s Maybank and Singapore’s OCBC Bank. including Singapore, Hong Kong and Taiwan, rose (See Exhibit 3 – Major ASEAN Banks.) Singapore’s from 59% to 92% and smartphone access had grown United Overseas Bank, for example, had a stronger more than three times.12 In the emerging economies, regional footprint with signi cant presence in Malaysia the penetration rate was 33% in 2014, up from 10% and Indonesia. DBS successfully acquired Societe in 2011, while mobile banking grew from 5% to 26%. Generale’s Asian private banking business in 2014 for (See Exhibit 5 – Digital Banking Asia.) Moreover, US$220 million, boosting its assets under management 82% of Asia-Paci c HNWIs expected the relationship to S$88 billion from S$39 billion, although the bank’s with their private bank to be mainly conducted through attempt to expand regionally had also proved to be digital channels in the next ve years, compared to frustrating. In 2013, DBS failed to gain regulatory 61% in the rest of the world.13 approval for a US$6.5 billion acquisition of Bank Danamon Indonesia, the nation’s sixth-biggest bank To stay relevant as DBS strengthened its presence and with 3,000 branches; in what would have been reach across the Asian markets, a strategic thrust was Southeast Asia’s largest banking takeover.
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