Welcome to “Continuous Improvement,” the podcast where we explore the strategies and stories behind companies’ efforts to evolve and thrive in today’s ever-changing business landscape. I’m your host, Victor, and in today’s episode, we delve into the fascinating journey of DBS, a bank that has embraced digital transformation to stay ahead in the fintech revolution.

In the midst of disruptive forces and emerging fintech companies, DBS recognized the need to adapt and proactively engage in a second phase of digital transformation. As Piyush Gupta, the CEO of DBS, aptly noted, “The second stage was tougher because no one knew what a digital bank should look like.”

Previously, DBS viewed its external relationships as vendor-oriented. But now, the bank has shifted its approach to collaboration, recognizing the value of partnerships in its digital transformation strategy. Notably, DBS has forged a strong partnership with Microsoft, where both organizations have invested in building a collaborative environment and learning from each other’s expertise.

The focus of DBS’s transformation extends beyond products and services—it centers around people and processes. By breaking down silos and nurturing a collaborative work environment, DBS is harnessing the power of partnership and realizing that success lies not just in service provision, but in building a strong relationship that drives innovation.

DBS’s digital transformation journey hasn’t been limited to its home market. In fact, the bank has actively sought partnerships in new markets, like Indonesia and India, and launched property and electricity marketplaces in Singapore. By collaborating with existing players and avoiding duplicative efforts, DBS is expanding its horizons and making significant strides in its digital transformation.

A strong technological foundation is the bedrock of DBS’s future. After significant investments in basic IT infrastructure, the bank is re-architecting its backend systems, enabling true digital transformation. This robust infrastructure ensures that DBS continues to adapt to future technologies and offer innovative banking solutions.

To thrive in this digital era, DBS understands the importance of cultivating a new work culture—one that emphasizes speed, agility, and embraces change. By envisioning itself as a 22,000-person startup, the bank is nurturing a mindset that encourages experimentation and risk-taking. This cultural shift is crucial in driving the digital transformation journey forward.

CEO Piyush Gupta has been instrumental in championing digital transformation at DBS. With a top-down approach, he has incorporated digital KPIs into scorecards and encourages a culture of continuous improvement. Gupta recognizes the need for an organizational shift and works diligently to instill this change throughout DBS.

DBS’s transformation journey began in 2014, and since then, it has evolved into a technology company that offers financial services. With its focus on hiring more engineers than bankers, DBS has been recognized as the world’s best digital bank multiple times by Euromoney. With a solid infrastructure in place, DBS is well-prepared to adapt to future technologies and continue offering innovative banking solutions.

And that brings us to the end of today’s episode of “Continuous Improvement,” where we explored how DBS, through partnerships, collaboration, and a robust technological foundation, has successfully navigated the evolving financial landscape. Join me next time as we dive into another company’s continuous improvement journey.