04 December 2016

DBS to deploy IBM Watson to crunch big data

09 January 2014  |  7200 views  |  0 DBS

Singapore's DBS Bank is to apply IBM's Watson cognitive computing platform to its wealth management business in a bid to improve the advice and experience delivered to affluent customers.

IBM's Watson machine caused a stir two years ago when it beat two human competitors to claim the $1 million prize on the US quiz show Jeopardy. Unusually for a computer programme, Watson excels at analysing the meaning and context of human language, aligned with the ability to quickly process vast amounts of information.

DBS' implementation of IBM's cloud-based Watson Engagement Advisor solution is targeted for rollout in the second half of the year.

The bank says Watson will help relationship managers analyse large volumes of complex unstructured and structured data, including research reports, product information and customer profiles, to help advisors weigh various financial options available to customers.

DBS CEO Piyush Gupta says: "This collaboration with IBM enables us to explore ways to better harness data, providing more precise, customised and quality solutions that correspond to our clients' needs."



In May last year, ANZ and Royal Bank of Canada said they were working with IBM to test the capabilities of Watson Engagement Advisor for crunching account data and providing clients with relevant, nuanced answers to online and mobile queries.

The DBS contract comes as IBM announces plans to invest more than $1 billion to establish a new business unit for Watson, employing 2000 people in New York City.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Bank of China puts big data at centre of new online platform

Bank of China puts big data at centre of new online platform

07 January 2014  |  6166 views  |  0 comments | 10 tweets | 3 linkedin
UniCredit and IBM create cloud-based joint venture

UniCredit and IBM create cloud-based joint venture

22 July 2013  |  8653 views  |  0 comments | 4 tweets | 2 linkedin
ANZ and Royal Bank of Canada to engage with IBM's Watson

ANZ and Royal Bank of Canada to engage with IBM's Watson

22 May 2013  |  9842 views  |  0 comments | 15 tweets | 9 linkedin
Citi turns to IBM's Watson supercomputer for Big Data challenge

Citi turns to IBM's Watson supercomputer for Big Data challenge

05 March 2012  |  10304 views  |  0 comments
Singapore central bank slams DBS and IBM over systems outage

Singapore central bank slams DBS and IBM over systems outage

05 August 2010  |  15424 views  |  0 comments
IBM employee fingered as culprit in massive DBS outage

IBM employee fingered as culprit in massive DBS outage

14 July 2010  |  16865 views  |  4 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Find out moreVisit VocaLink.comFind out more

Top topics

Most viewed Most shared
Royal Mint to issue digital goldRoyal Mint to issue digital gold
6514 views comments | 23 tweets | 21 linkedin
UK challenger bank Masthaven opens for businessUK challenger bank Masthaven opens for bus...
5647 views comments | 15 tweets | 13 linkedin
ING pulls plug on P2P payments app TwypING pulls plug on P2P payments app Twyp
5567 views comments | 16 tweets | 15 linkedin
Bank CEOs fret about ROI as startups drive IT arms raceBank CEOs fret about ROI as startups drive...
5559 views comments | 16 tweets | 20 linkedin
R3 and Calypso to develop blockchain trade confirmation systemR3 and Calypso to develop blockchain trade...
5536 views comments | 13 tweets | 12 linkedin

Featured job

to Six-Figure Base, Commission, Benefits
London, UK

Find your next job