While many companies are still unsure if artificial intelligence will lead to real profits, Southeast Asia’s largest bank, DBS, says the benefits are already clear and growing quickly.
DBS CEO Tan Su Shan told CNBC at the Singapore Fintech Festival that AI is no longer just a promising technology for the future. She said it is already creating strong financial value for the bank today.
Tan expects AI to add more than 1 billion Singapore dollars (around $768 million) in revenue this year. That’s up from SG$750 million in 2024.
This growth comes from about 370 AI use cases powered by more than 1,500 AI models across the bank. DBS has spent over a decade building strong data capabilities, which helped it take full advantage of generative AI and new ‘agentic AI.’ This type of AI can make decisions and complete tasks independently.
“The rise of generative AI has been transformative for us,” Tan said, explaining that the bank is seeing a “snowballing effect,” where the benefits keep multiplying.
How DBS Uses AI
One major area where AI is creating results is in corporate and institutional banking. DBS uses AI to collect and analyze client data, allowing teams to offer more personalized and relevant financial services. Tan says this has made teams “faster and more resilient.”
These improvements may also be helping the bank attract more deposits compared to its competitors.
DBS recently launched “DBS Joy,” an improved AI assistant for corporate clients. Joy can answer complex banking questions 24/7, offering real support without waiting for a human officer.
Banks Are Beginning to See Real Returns
Many industries still struggle to turn AI investments into profits. MIT recently reported that 95% of 300 public AI projects have not yet produced real financial returns.
But banking seems to be an exception.
JPMorgan Chase CEO Jamie Dimon said the bank is already breaking even on its $2 billion yearly AI investment and expects much bigger gains in the future. DBS shares this view.
Tan says DBS aims to become a fully AI-powered bank. The long-term vision is for generative AI to act as a trusted financial advisor, even for retail customers. The DBS banking app already uses more than 100 AI algorithms to send personalized alerts, recommendations, and insights to users.
Tan emphasized that AI success also depends on investing in people. DBS is heavily focused on reskilling employees, helping them learn to work with AI rather than be replaced by it.
The bank has introduced several AI training programs and even uses a generative AI coaching tool to support staff learning.
“We’re not freezing hiring,” Tan said. “But reskilling is essential. It’s a continuous journey.”
