DBS Bank has reached an agreement to implement IBM's Watson cognitive computing innovation to offer improved client experience.
Initially, DBS considers using Watson to its wealth management business to improve the advice and experience delivered to high net worth individuals.
Watson is a cloud-based technology, which understands and learns from each interaction at unparalleled speed, representing a significant shift in the ability for organizations to quickly analyze, understand and respond to vast amounts of Big Data.
Planned for launch in the second half of 2014, deployment of IBM’s cloud-based Watson Engagement Advisor platform by DBS is a part of its ongoing strategy to emerge as a prominent regional wealth player.
Additionally, the lender will also use other IBM tools, such as business consulting, advanced analytics, hardware and IBM Research assets to further enhance the power of Watson.
IBM Watson will enable DBS’ relationship managers to analyze large volumes of complex unstructured and structured data, including research reports, product information and customer profiles.
It will also be helpful in recognizing connections between customers’ needs and its growing corpus of investment knowledge, and help advisors weigh various financial options available to customers.
DBS CEO Piyush Gupta said, "In the digital era, consumers’ ability to access information and make choices has changed dramatically, and new technologies are revolutionising our way of life."