At the Singapore Fintech Festival, DBS CEO Tan Su Shan touts AI success, predicting a revenue increase of over SG$1 billion this year. The bank has implemented AI across its operations, particularly in financial services, resulting in faster, more resilient teams and increased deposit growth. DBS recently unveiled an AI-powered assistant for corporate clients called “DBS Joy.”

Despite DBS’s success, MIT reports that 95% of publicly disclosed AI initiatives have failed to deliver returns. JPMorgan Chase CEO Jamie Dimon claims the bank is breaking even on its $2 billion annual AI investments. DBS plans to further accelerate AI development, aiming to become an AI-powered bank with personalized AI agents for retail users.

DBS recognizes the need for continued AI investments and employee reskilling. The company has launched AI reskilling initiatives and an AI-powered coaching tool to automate tasks and enhance customer relationships. Tan emphasizes the importance of reskilling over cutting headcount, stating, “It’s a never-ending journey, a constant evolution.”

Read more at CNBC: CEO Southeast Asia’s top bank DBS says AI adoption already paying off