The company will deploy IBM’s cloud-based Watson Engagement Advisor solution as part of its plan to become a major regional wealth player. IBM Watson will thus first be used in DBS’ wealth management business to enhance the experience delivered to affluent customers.
Piyush Gupta, chief executive officer at DBS, remarked, “In the digital era, consumers’ ability to access information and make choices has changed dramatically, and new technologies are revolutionizing our way of life. To remain relevant, we need to continuously innovate. At DBS, we have been on a journey to shape the future of banking, and this collaboration with IBM enables us to explore ways to better harness data, providing more precise, customized and quality solutions that correspond to our clients’ needs.”
IBM explained that cognitive systems like Watson are indeed capable of transforming the way organizations think, act, and operate in the future, and, learning through interactions, they can deliver evidence based responses driving better outcomes. Recently, the company offered up Watson to be utilized as a development platform in the cloud, in an effort to help bring about new innovation and drive a new ecosystem of entrepreneurial software app providers and applications infused with Watson’s cognitive computing intelligence.
Bridget van Kralingen, senior vice president of IBM global business services, said, “The partnership with DBS is allowing them to anticipate and respond to market shifts, and transform the relationship between the bank and its customers using the cognitive computing power of IBM’s Watson and deep analytics combined with business consulting.”
DBS Bank’s professionals will be leveraging the features of IBM Watson to maintain control over a ‘data deluge’ of complex unstructured and structured data, identify connections between customers' needs and the banks growing base of investment knowledge, and arm themselves with data-driven insights that can personalize the client experience.