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Transforming a Traditional Bank into an Agile Market Leader

26.12.18 | Cuca Margoux

While big banks in the U.S. and Europe have been grappling for almost a decade with how best to go digital, a modest-sized bank in Asia, DBS Bank Ltd., with assets of SGD 541.5 billion (US$394.7 billion) as of September 2018, has come from nowhere with a solution: Don’t try to figure out how to acquire digital capabilities. Instead, think like a fintech company and transform your business completely. The strategy is working: The compound annual growth of the bank’s net profit from 2014, when the transformation process started, to 2017 was 2.7 percent, and the first nine months of 2018 showed net profits up 36 percent compared with the same period the previous year.