DBS will deploy IBM’s Watson cognitive computing, a cloud-based technology, to improve client experience.
As part of the IT deal, DBS will apply Watson to its wealth management business to improve the advice and experience delivered to affluent customers. The cloud-based technology can process information to learn from each interaction, representing a significant shift in the ability for organizations to analyze, understand and respond to vast amounts of Big Data.
DBS’ implementation of IBM’s cloud-based Watson Engagement Advisor solution – targeted for rollout in the second half of the year – comes as the bank continues to execute on strategy to be a leading regional wealth player. DBS will look to progressively deploy these capabilities to its other businesses over time.
DBS will also leverage IBM solutions which include business consulting, advanced analytics, hardware and IBM Research assets to further augment the power of Watson.
IBM Watson will help DBS’ relationship managers analyze large volumes of complex unstructured and structured data, including research reports, product information and customer profiles; identify connections between customers’ needs and its growing corpus of investment knowledge, and help advisors weigh various financial options available to customers.
Bridget van Kralingen, senior vice president, IBM Global Business Services, said: “The partnership with DBS is allowing them to anticipate and respond to market shifts, and transform the relationship between the bank and its customers using the cognitive computing power of IBM’s Watson and deep analytics combined with business consulting.”