February 29, 2024

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How DBS transformed into a data-driven organisation

How DBS transformed into a data-driven organisation

Big data is driving fundamental transformation across all
industries and sectors, and finance is no exception. With the proliferation of
mobile devices and rapidly increasing share of digital transactions, financial
institutions are striving to make sense of the massive volumes of data being
generated and captured to understand their customers and predict their needs, so
as to serve them better. Around the globe, they are also under increasing
regulatory pressure to improve risk reporting and controlling money laundering
and fraud.

As a leading bank in Asia, DBS encounters these
issues and hence, it started moving towards becoming a data-driven organisation
a few years ago, taking smart decisions based on data and not instincts.

However, the company’s traditional technology stack for
supporting advanced analytics was expensive to scale and not flexible enough to
support this work.

With Cloudera as a
partner, DBS built
a central data team and enterprise data hub, enabling DBS to scale out more
economically, and experiment more. The agility of the platform allows the bank
to explore use cases and iterate easily and quickly, without the need to worry
about ROI and build an investment case beforehand.

With the ability to more easily store and analyse billions
of events in a modern data platform, DBS can answer questions before they’re
asked to more effectively engage customers and deliver better service.

This has enabled DBS staff to experiment more and be on the
forefront of innovation when it comes to understanding the customer experience
and applying human-centered design to its services.

For instance, machine learning can be used to understand customer
sentiments. All calls to the bank’s call centres are recorded. They can be
converted to text and then machine learning algorithms can be used on the
analytics platform to understand sentiment. Problems can be flagged so that the
bank can reach out to the customers.

Ultimately behavioural information and machine learning, in
combination with biometrics, could even enable ‘invisible authentication’,
where a customer no longer needs to provide many supporting documents or use a
physical device for transactions or answer questions like, ‘What is your
mother’s maiden name’.

In a video interview
with Wee Wu Neo from The Neo Dimension
, David Gledhill, Head, Group
Technology and Operations, DBS explained that the use of data goes beyond to
customers. The transformation to a data-driven organization has significantly
improved operations across the organisation.

Data can be used to find out where fraud is happening in the
company. To take a specific use case of this type, trade financing is highly
prone to fraud. To deal with this, DBS started looking at data other than
invoices and transactions to predict the possibility of fraud.

“You look at things like ship movements. If you know the
typical movement patterns of goods from one port to another, then anomalous
goods movement or timing that doesn’t look like typical timing for that type of
transaction or a behavioural shift in importers or exporters or in warehousing,
signals where potentially fraudulent trade might be going on,” Mr Gledhill said.

Data analytics can predict the likelihood of a relationship
manager quitting within the next three months, so that HR staff can intervene early
to retain employees. Data can tell the audit department which branch might have
issues and should be audited next.

Operational staff can understand and predict customer flows,
ATM load, and call centre volumes using data. In fact, one of the first big
data projects DBS embarked upon was figuring out the sequence in which ATMs
should be filled. The bank went from hundreds of instances of ATMs running out
of cash to single digit numbers.

The bank also moved its financial risk information and data
required for regulatory reporting on to the Cloudera platform to simplify
reporting.

Mr Gledhill said, “We’ve applied it to a whole range of
different use cases and every single one, we see a massive uplift in terms of
the base case that we normally do.”

This has also been aided by the huge active worldwide community
of Hadoop contributors. It includes not just individuals but also tech giants,
such as Netflix, Amazon and Facebook (the platform itself was inspired by
technologies created inside Google). So, the platform keeps evolving and
improving steadily and DBS can build on the contributions made by this vibrant
community.

DBS wanted to make the data analytics capabilities available
to everyone in the bank, as opposed to having a separate team of data scientists
or little pockets of analytics.

However, the oft-repeated cliché of technology being easy
and the ‘people’ aspect being hard was true.

The more difficult part was opening up people’s minds to the
possibilities. The first few use cases played a key role in overcoming
scepticism. They generated a high level of interest and enthusiasm among
different teams within the bank. They began to explore how they could leverage
analytics in their area.  

All this improvement in services and operational efficiency
has been achieved while reducing costs. 

Mr Gledhill said, “We’ve seen anything in the region of 80%
reduction in operating cost in a much shorter build time. The real big benefit
lift though is the benefit it provides to the business. If you look at our
digitally engaged customers, we see material lift in how much revenue a digital
customer brings to the bank.”

This is an ongoing journey and DBS expects Cloudera to help
them continue along the path towards deeper, better insights.

Content from Cloudera customer success
story
on www.cloudera.com and video
interview
at The Neo Dimension.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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