DBS Sees Economic Value From Its AI Use

Banks are ramping up their use of artificial intelligence (AI), and DBS—which has earned $750 million through its use of the technology—estimates that its economic value could surpass $1 billion in 2025.

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Since the bank began focusing on AI, it has created more than 350 use cases and has 1,500 models in production, said Mr Rajeev Hassamal, DBS’ head of generative AI and flow of work, at SuperAI Singapore, a recent two-day conference at Sands Expo and Convention Centre.

The participants at the event discussed the challenges in striking a balance between innovation and responsible use of AI when developing AI models.

“Finding that sweet spot is very hard,” said Mr Hassamal.

Speaking at a panel discussion on the integration between AI and finance, he emphasized the importance of equipping employees, regardless of role, with an understanding of how the technology works.