Tan Su Shan, CEO of DBS, Southeast Asia’s largest bank, has stated that the bank is already seeing tangible rewards from its artificial intelligence (AI) initiatives. Despite broader concerns about AI investments not yet generating returns for many companies, Tan is confident that the integration of AI into DBS’s operations is already paying off and will continue to improve.
Speaking at the Singapore Fintech Week, Tan emphasized that AI adoption at DBS has been a strategic move years in the making. “It’s not hope. It’s now. It’s already happening. And it will get even better,” she told CNBC, underlining her firm’s long-term commitment to AI integration.
Since the beginning of its AI journey over a decade ago, DBS has implemented AI across its various operations, significantly enhancing its internal data analytics and readiness for the recent waves of generative AI and agentic AI. Agentic AI, which proactively makes decisions and executes tasks autonomously, has allowed the bank to streamline operations and improve decision-making.
Tan forecasts that AI will contribute an overall revenue increase of more than 1 billion Singapore dollars (around $768 million) this year, up from SG$750 million in 2024. This projection is based on approximately 370 AI use cases powered by more than 1,500 models across the bank’s business operations. She noted that the widespread use of generative AI has been transformative for DBS, creating a “snowballing effect” of benefits, particularly in the financial services sector for institutional clients.
One major application of AI has been in personalizing financial services for clients, using data analytics to better understand and serve their needs. Tan emphasized that this has led to more resilient teams and faster decision-making, contributing to deposit growth at DBS, which has outpaced competitors.
Recently, DBS introduced an enhanced AI-powered assistant for corporate clients, named DBS Joy, which provides round-the-clock support for unique corporate banking queries.
While Tan remains bullish on AI’s potential, she acknowledged that many companies are still grappling with the challenge of converting their AI investments into real profits. A MIT report from July revealed that 95% of 300 publicly disclosed AI initiatives, involving $30–40 billion in generative AI investments, had not yet delivered substantial returns. However, Tan pointed to signs of change, particularly in the banking sector, where major financial institutions are beginning to see returns from AI adoption.
For example, JPMorgan Chase CEO Jamie Dimon recently shared that the bank’s $2 billion annual investment in AI has already begun to break even, suggesting that AI’s economic impact is beginning to take hold.
Tan believes that the future of DBS lies in becoming a fully AI-powered bank, with the goal of AI eventually acting as a trusted financial advisor for clients. DBS has already implemented over 100 AI algorithms to analyze user data and offer personalized insights, such as product recommendations and alerts on potential financial shortfalls.
Despite the success so far, Tan acknowledged that continued investment in AI and employee reskilling will be critical for the bank’s ongoing evolution. DBS has launched multiple AI reskilling initiatives across departments and has even deployed a generative AI-powered coaching tool to support employees in adapting to the changing landscape. Tan emphasized that while the bank isn’t freezing hiring, it is focused on reskilling its workforce to ensure that employees can focus on building human-to-human relationships with clients.
“We’re not freezing hiring, but it does mean reskilling. And that’s a journey. It’s a never-ending journey… a constant evolution,” Tan concluded.
As DBS continues to invest in AI and embrace its transformative potential, the bank is positioning itself for continued growth in an increasingly digital and AI-driven financial landscape.
