DBS Bank and IBM launch Singapore robotics centre
Written by Anthony Strzalek
DBS Bank has partnered with IBM to develop an enterprise-wide Centre of Excellence in Robotic Process Automation (RPA) – the first-of-its-kind in Singapore’s financial services sector.
In June, IBM helped DBS set up the centre and since then, DBS has already optimised more than 50 complex business processes across the bank.
Having commenced in Singapore, the RPA programme will now be progressively implemented in other markets including Hong Kong, China, India, Indonesia and Taiwan.
Every day, financial organisations perform thousands of time-intensive business processes and manual tasks, which may contribute to rising operating expenses, low employee productivity, high error rates, and reduced speed-to-market.
However, according to DBS, software robots are transforming these mundane activities using a style of automation where a software programme can help to manage and execute a wide range of repetitive, rules-based tasks that require handling high volumes of structured data. These robots also have the capacity to operate 24/7, allowing organisations to remain operational outside of standard working hours and maintain operational efficiencies.
Soh Siew Choo, managing director of technology and operations at DBS, said: “As the region's leading digital bank, DBS is committed to delivering innovative and unique experiences for our customers and employees, which are critically dependent on the flexibility of our bank's processes.
“Cognitive and robotics process automation is an important capability that will help with the necessary speed and agility to meet the rapidly changing demands of customers and the evolving financial services marketplace.”