DBS Group, in the aftermath of a recent digital service outage, has issued a public apology and committed an additional $80 million to bolster its system resilience. This move follows a series of disruptions that have raised concerns about the bank’s digital infrastructure.
During the recent service outage, DBS digital services and electronic payment applications became inaccessible, leaving customers unable to withdraw money from ATMs. Some DBS customers abroad were particularly affected, finding themselves unable to use their cards or access funds.
In an official statement, DBS Group CEO Piyush Gupta expressed his regrets and acknowledged the bank’s commitment to digital transformation for customer convenience. He admitted that DBS needed to do a better job in ensuring the stability and resilience of its digital systems.
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The $80 million investment will be allocated to various areas aimed at strengthening technology governance, staff and leadership training, and improving existing systems and procedures. Mr. Gupta assured DBS customers that the group is fully dedicated to implementing these new measures promptly, with the ultimate goal of enhancing its digital services in the near future. He also emphasized the importance of providing a more reliable and efficient banking experience for clients.
DBS Group Chairman Peter Seah publicly acknowledged that the recent series of service outages in the past year did not meet customer expectations or the bank’s high standards. As a result, he stated that DBS’s senior management would be held accountable for these shortcomings, with this accountability reflected in their remuneration.
Our Reader’s Queries
What does DBS Group do?
DBS Group is a leading expert in design-build project delivery. They take charge of projects from start to finish and work closely with a diverse group of designers to offer construction-only services as well. Their expertise and experience make them a top choice for clients looking for comprehensive project management solutions.
Who is DBS owned by?
The list of top shareholders and their respective equities is as follows: Temasek Holdings Pte Ltd. (Investment Company) with 28.98% equities, The Vanguard Group, Inc. with 2.364% equities, Capital Research & Management Co. (World Investors) with 1.429% equities, and Norges Bank Investment Management with 1.376% equities. There are six more shareholders on the list.
Which company is DBS?
DBS is a prominent financial services provider in Asia, operating in 19 markets. Based in Singapore, DBS has a strong presence in the three major growth hubs of Asia: Greater China, Southeast Asia, and South Asia.
What is DBS full name?
DBS stands for Development Bank of Singapore Limited. This Singaporean multinational banking and financial services corporation is headquartered in Marina Bay.