AI Adoption Proving Beneficial for Southeast Asia's Largest Bank

Tan Su Shan, chief executive officer of DBS Group Holdings Ltd., recently stated that the bank is already seeing significant benefits from its artificial intelligence initiatives. Speaking at the Singapore Fintech Festival, Tan emphasized that the time for hope regarding AI adoption has passed, and the rewards are currently being realized.

DBS has been implementing AI technology over the past decade, which has positioned the bank effectively to leverage recent advancements in generative and agentic AI. Tan projects that AI adoption will boost the bank's revenue by over 1 billion Singapore dollars, approximately 768 million U.S. dollars, in 2025, up from 750 million in 2024.

This projection is based on around 370 AI use cases powered by over 1,500 models integrated throughout the bank's operations. The proliferation of generative AI has been described by Tan as transformative, contributing to a 'snowballing effect' of efficiency and productivity through machine learning.

In particular, DBS has applied AI within financial services targeted at institutional clients, enhancing data collection and utilization to deliver more personalized offerings. This strategic use of AI has reportedly resulted in faster and more resilient teams, aiding the bank in gaining a competitive edge with increased deposit growth compared to rivals.

Furthermore, DBS has launched an AI-powered assistant named 'DBS Joy', designed to support corporate clients with unique banking queries around the clock. The CEO's remarks provide a counter-narrative to the growing concerns about the returns on AI investments, showcasing the immediate and tangible advantages that can come from integrating advanced technologies into banking operations.

The insights shared at the festival underscore the broader trend of financial institutions increasingly leveraging AI to enhance efficiency and customer service, thereby transforming the landscape of banking in Southeast Asia.