ABCC-2023-005: “The Best Bank for a Better World: The Third Wave of Transformation in DBS” (2024)

FAQs

Is the best bank for a better world the third wave of transformation in DBS? ›

After being named the "best bank in the world", DBS set its sights to be "the best bank for a better world" in its third wave of transformation. This meant concerted organizational efforts towards responsible banking, responsible business practices, and creating social impact.

Abstract: After being named the “best bank in the world”, DBS set its sights to be “the best bank for a better world” in its third wave of transformation.

Singapore, Hong Kong, Indonesia, India, China, Taiwan, Regional, 14 Jul 2023 - DBS, a leading financial services group in Asia, has been named the World's Best Bank for Corporate Responsibility in the prestigious Euromoney Awards for Excellence 2023.

The world's best bank for corporate responsibility 2023: DBS | Euromoney.

A multiyear Global Finance award winner, J.P. Morgan, with client assets of $2.1 trillion, again takes the title of World's Best Private Bank.

The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World's Best Digital Bank” by Euromoney and the world's “Most Innovative in Digital Banking” by The Banker.

JPMorgan Chase, the financial institution that owns Chase Bank, topped our experts' list because it's designated as the world's most systemically important bank on the 2023 G-SIB list. This designation means it has the highest loss absorbency requirements of any bank, providing more protection against financial crisis.

What is the number 1 ranked bank? ›

J.P. Morgan Chase is the number one bank in America in terms of total assets held, according to the Federal Reserve.

This structure separates the bank's troubled assets into a separate legal entity – the 'bad bank' – thereby allowing management to “draw a line” under the errors of the past and focus on rebuilding the remaining 'good bank'.

For the banking industry specifically, it's important to remember that there are two distinct transformations that need to occur within the bank organization itself, and one that needs to be developed for external consideration. These three layers are the workplace, the customer journey, and open banking.

To recruit and retain digital talent, they adopted innovative strategies like hackathons and established three technology hubs to foster collaboration. DBS used AI to predict potential employee exits, enabling timely HR intervention.