How dbs bank pursued a digital business strategy pdf

Appreciating the magnitude of the opportunityand the gravity of the threatis vital, but it is just the first step in formulating a winning digital strategy. Amidst forecasts of economic recession in the early 2000s, american airlines invested in software that enhanced fuel efficiency by tailoring routes, flight paths, and baggage. From digital business strategy to digital transformation. Successful digital strategies produce digital offeringswhat emerges at the intersection between what is possible and what customers want. Dbs was now a bank that was completely aligned towards its asian strategy, and functioning with an innovation mindset and a laserlike focus on customer experience. Pdf factors influencing the digital business strategy. Dbss digital strategy has evolved as the company has learned from its experiments. Digital business strategy is the extent to which a firm engages in any category of it activity. This article describes how dbs, a large asian bank, responded to digital threats and opportunities by adopting a digital business strategy.

Dbs bank marketing mix 4ps strategy mba skoolstudy. Building business value from the digital workplace mit cisr. The case presents the second phase of dbs banks digital transformation. The full article describes how dbs, a large asian bank, responded to digital threats and opportunities by adopting a digital business strategy. It is all about execution reposition investment bankingstrategic priorities of strategy 2020 reshape retail digitalise db ipo sale of postbank, sale of huaxia stake restructure cost base, close 200 branches leading advisory capability for affluent, wealth and commercial clients. Article how dbs bank pursued a digital business strategy. The unique discussion points to note in this case are how dbs bank is able to pursue a digital business strategy by fusing their business and it strategies, how it develops and rewires the critical infrastructures for change, and how it tries to inject entrepreneurship in accelerating its innovation cycles. Dbs digital account digital account dbs sme banking. Organisational digital transformation odt is a field of growing interest in practice and academia.

Sia et al 2016 how dbs bank pursued a digital business. From a governance perspecfive, we wanted to pursue a twoinabox approach. A frontrunner in digital transformation, we seek to deliver a new kind of banking that is so simple, seamless and invisible, that customers have more time to spend on the things they care about. Some of these digital solutions enhance capabilities of traditional software products e. Following the removal of the application section of misq, practicebased research did not have a clear home, until allen lee and a team of leading academics established the mis quarterly executive journal in 2002. Economic models key to dbs banks digital transformation. This article describes how dbs, a large asian bank, responded to digital threats and opportunities by adopting a digital. How dbs bank pursued a digital business strategy by siew kien. It identifiesthe capabilities needed and provides lessons for. Strategic choices for banks in the digital age mckinsey.

Free digital tokens, ealerts and access to dbs ideal to transact online and via. To respond to the new reality, banks must become far more relevant in the daily lives of their customers than. Generational transitions in platform markets the role of. How dbs bank pursued a digital business strategy, mis quarterly executive. John laurens, head of global transaction services at dbs. The bank initiated its digital strategy in 2009 under the relentless push of new ceo piyush. Digital transformation dt or dx is the use of new, fast and frequently changing digital technology to solve problems one of the examples of digital transformation is cloud computing. It is not just about developing mobile apps but about 8 capgemini and rbc wealth management asiapaci c wealth report 2014. The article how dbs bank pursued a digital business strategysoh, 2016showed how dbs bank adopted a digital business strategy in response to the threats and opportunities that it faced.

How dbs bank pursued a digital business strategy dbs bank has grown from a singapore bank to become the largest bank by assets in southeast asia in asia, there were over 700 million digital banking users in 2014, expected to grow to 1. Time to rebuild your organization part iii of iii 5 readying organizations for digital success organizational change management helps banks end the confusion and place the customer at the heart of their strategy. In short, dbs has essentially thrown away a lot of the legacy infrastructure and systems to pursue its digital transformation agenda by reengineering the bank. It reduces reliance on user owned hardware and increases reliance on subscription based cloud services.

Treasury today asia speaks to raof latiff, head of digital, institutional banking group at dbs to find out what the bank has done in the digital space and the benefits this work brings to customers. Dbs bank has won best digital bank in the world and safest bank in asia award in recent years which indicate the technical potential of the bank. Business digitalization is changing the competitive landscape in many industries. Concurrent with further preparations for competition in digital banking and payments, executives will need to rework the distribution system and local market strategy, such that the bank can wring maximum performance from existing infrastructure and begin to reposition networks for a. An official sister publication of mis quarterly, misqe has been led by several editorsinchief who are well known in our discipline as scholars dedicated to industryrelevant. How dbs bank pursued a digital business strategy pdf. Critical success factors of digital business strategy wi2017. In 2014 dbs was committed to making banking invisible. Embracing the digital world is a strategic imperative for dbs.

If you have low initial capital and transact mostly online, the business digital account is ideal for getting you started. Dbs bank may not be a technology company, but the singapore mainstay aims to behave like one in order to transition into digital banking. Dbs banks four key factors for wealth leadership hubbis. Strategy business digitalization is changing the competitive landscape in many industries. Dbs bank cio on measuring digital transformation unless you can instrument and measure the change, youll never actually get the depth of change that you want, says david gledhill by. How dbs bank pursued a digital business strategy, mis quarterly executive 15 2. Digital business strategy dbs is an emerging concept at the intersection of infor. Article how dbs bank pursued a digital business strategy found by siew kien sia, christina soh, peter weill from mis quarterly executive vol 15, no 2, 2016. It identifies the capabilities needed and provides lessons. How dbs bank pursued a digital business strategy semantic.

Strength and weaknesses hrm in dbs bank click for solution. How dbs bank pursued a digital business strategy, 2016 january 2014, 105122. How dbs bank pursued a digital business strategy, mis quarterly executive 15, no. How dbs bank pursued a digital business strategy by siew. The story of its digital transformation is all the more remarkable because one of its goals for its technology in fact, for the entire bank. The content and functionalities offered barely fulfill the needs of clients in their everyday account management. And why is it vital that a digital culture is instilled across the bank. Knowledge exchange partnership leads to digital transformation at hydrox water treatment, ltd. A key component of gledhills digital transformation strategy was to construct models to measure the economics of processes so new that.

The aim of this study is to identify the core concepts that link digital business strategy to digital transformation so as to improve understanding of their. Digitally savvy customers are demanding more while threats of digital disruptions from new entrants are rising. In5210 information systems bendik bygstad sept 28, 2018. Our digital strategy piyush gupta chief executive officer 17 november 2017 the presentations contain futureoriented statements, including statements regarding the groupsvision and growth strategy in the light of anticipated trends as well as economic and market conditions. David gledhill, the global cio at dbs bank in singapore, has taken digital business transformation by the horns overhauling the technology stack, experimenting with artificial intelligence and pushing a purely digital banking product into a new market. Further, a disparity between how information technology it leaders and nonit leaders perceive the factors leading to successful odt initiatives has been cited. Digital transformation wikipedia republished wiki 2. How dbs bank pursued a digital business strategy request pdf. Digitally savvy customers are demanding more while threats of digital. How dbs bank pursued a digital business strategy econbiz. Consequences of pursuing a digital strategy in 2014, the bank achieved its 22nd back to back quarter of yearonyear development, salary and income.

How dbs bank pursued a digital business strategy business digitalization is changing the competitive landscape in many industries. However, few studies explain how the two processes of digital business strategizing and digital transformation interrelate. A1 2 sia et al how dbs bank pursued a digital business strategy. Generating longterm loyalty to stay profitable and grow in the new digital economy, banks need to adopt a customercentric business model, diversify online delivery of products and services channels, and begin making. With recent financial services with new financial products bank has intellectual managing team for business development and for handling the operation as. Misqe ais journals association for information systems. A set of empirically tested odt assessment instruments will enhance leaders decisionmaking when implementing odt.

Request pdf how dbs bank pursued a digital business strategy business digitalization is changing the competitive landscape in many industries. Dbs, a leading financial services group headquartered in singapore, operates across 18 markets. Dbs named best bank in the world, global finance 32. Piyush gupta demands a shift to digital banking in singapore. It takes serving todays digital customers and creating a digital workplace. Digital business strategy bygstad 2018 dimension description scope of digital business strategy digital business strategy transcends traditional functional and process silos digital business strategy includes digitization of products and services and the information around them. Dbs continues on its journey as one of the worlds leading digital banks. This paper recommends that organisations build capabilities in the areas of leadership, digital operations. Companies must pursue a continuous stream of business experiments and engage. Digital will touch every aspect of bank operations, from product development to risk management and humancapital management. A1 2 sia et al how dbs bank pursued a digital business strategy free download as pdf file. Such statements necessarily involve risks and uncertainties.

As examples, these banks do not enable starting an online onboarding or booking an inbranch appointment online. Developing such a strategy requires synchronizing digital assets and it infrastructure with your business strategy. Qualified foreign institutional investor 858 words exact match in snippet view article find links to article 2005 34 the dai. Important digital investments have to be carried out to reach the upper category and the digital. In dbss wealth proposition plan, the organization has followed bank smart strategy. How a firms competitive environment and digital strategy.