DBS Sparks Qorus Banking Innovation Awards 2017 - Winner

Banks in Asia-Pacific have found themselves under growing pressure in a fast changing environment, contributed by a smattering of financial crises, sluggish economic growth and the emergence of new competitors from “the rapidly- developing fintech sector, offering new banking, payment and financing options”1. In addition, customers are expecting more value and won’t hesitate to try new service providers to fulfil changing needs. This “lack of trust, changing consumer behaviors and expectations set by digital innovators and increased competition from new players are eroding traditional banks’ relevance” 2. Whilst DBS has taken steps to stay ahead by innovating the business as a whole to be digitally -led – which led to us being awarded “World’s Best Digital Bank in 2016” by Euromoney – we recognise the need to do more: • To stand out from a highly commoditised industry not only in S ingapore where we’re headquartered, but also across the region especially in the developing markets of China, Indonesia and Taiwan where we’re not as well known • To reinvent not only how we innovate banking as a service, but also to challenge consumer perce ptions that banking is only about transactions – to put customers back at the heart of what we do Aligned with DBS’ commitment to understanding what truly matters in life and integrating banking seamlessly with everyday life, we constantly challenge ourselves to humanise banking by embracing innovation and digital banking. Through the compelling stories we tell in “SPARKS”, we are able to bring to light real challenges we resolved, real lives and communities we impacted, bringing to life our ethos of “Liv e More, Bank Less”. 1. “Banking in Asia-Pacific”, ey.com, 2015. http://www.ey.com/Publication/vwLUAssets/EY-banking-in-asia-pacific/$FI… Accessed: August 2017 2. “Customers’ Lack of Trust and Desire For Innovation Are Eroding Bank Relevance”, fintechnews.sg, 2016. http://fintechnews.sg/5972/fintech/customers-lack-trust-desire-innovati… Accessed: August 2017