DBS Bank is the largest bank in Southeast Asia, with operations in 19 markets around the world. DBS is widely known in the banking industry for value creation through digital transformation and has been named World’s Best Digital Bank and World’s Best BankFor a bank, digital transformation means an operational and cultural shift towards integrating digital technology into all bank functions, fundamentally enhancing bank operations and value delivery to customers.
As Panchmatia noted,"We must decipher what the technology means for the organization. Where does the organization need to be so that there are no surprises? Are we prepared with our people, processes, and technology to address what's coming?” Once impacts are understood, the work focuses on creating change programs across the board that encompass people, culture and technology.
DBS saw that the world was changing, and its CEO, Piyush Gupta, challenged the organization to devise a plan to get off the mainframe. One of the first tasks was to list all the related applications and other technologies and classify them into three categories: decommission, invest or retain. The second major decision was transitioning from a fully outsourced employee model to one where DBS was in control of its technology agenda.
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