How DBS Bank Transformed Customer Experience with AI Chatbots
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DBS Bank serves as a prime example of how conversational technology has enhanced retail and corporate banking by using chat platforms, digital assistants and other forms of conversational AI. The bank’s digital platform was built to be user-friendly, providing an avenue through which customers could interact with the bank digitally, reducing friction throughout all digital channels. This approach continues to be emphasised in multiple industry forums (including AI Conference Sessions).
Putting Customer Design First
DBS developed the DBS Digibot using an iterative method, where the product teams continually enhanced and refined the DBS Digibot’s performance: improving the ability of the DBS Digibot to recognise intents (i.e. purposes for initiating interactions), carry information forward through the context of conversations, utilise multiple local dialects in Singapore and elsewhere, and ultimately serve DBS customers better with enhanced service. As a result, customers receive quick and easy access to funds or services while DBS maintains strict security measures and compliance with industry standards
How the Technology Works
DBS’s utilisation of an integrated system that includes retrieval-based systems, natural language understanding (NLU), and an industry-specific library of machine learning (ML) algorithms enables its Gen AI chatbot to assist customers with their day-to-day banking needs by providing relevant answers and recommendations based on previous interactions with DBS. Additionally, customer interactions will be summarised before being forwarded to a customer service representative when required. The Gen AI chatbot contributes to increasing the speed of service for customers, decreasing the need to wait in long lines, and increasing the percentage of successful requests for a resolution. In live deployments, DBS’s approach mixes automation with human oversight to keep responses safe and accurate.
Real Customer and Business Outcomes
DBS has found that using Digibot and Generative Artificial Intelligence (Gen AI) tools has resulted in the following benefits: More customers using digital banking, Less volume of calls into DBS contact centres, shorter response times to customers on the telephone which are all factors that contribute positively to Customer Experience metrics.
Operational Transformation for Staff
Through the use of Generative AI, DBS has transformed operational capabilities for customer service staff. In addition to providing customers with self-service capabilities, DBS has provided customer service staff with new tools (co-pilots) which allow for faster and more accurate responses from humans by providing data from multiple sources instantaneously. This improvement in operations allows for better First Contact Resolution (FCR), as well as allowing customer service staff to spend more time focusing on higher-value interactions with customers.
Governance, trust and safety
DBS has implemented multi-layered governance mechanisms within these Conversational AI systems which include: Audit logs, backup to human agents, Data Protection controls, and Defined Escalation rules. The combination of automation and governance provides not only the safety of the customer but also establishes the foundation of Trust in the experience that Customers have when they are interacting with DBS within the Financial Services industry.
Looking ahead
DBS continues to grow its Gen AI Chatbot capabilities, and to roll out Multilingual Support, and to embed Conversational AI into even more aspects of the Customer Journey, from onboarding to advising customers. The DBS Digibot case study provides clear evidence that the combination of well-thought-out product design with Governance and Technology comes together and delivers quantifiable benefits for Banks in Singapore and the region in which our customers operate.
Conclusion
With focused design, governance, and operational co-pilots, DBS shows how conversational AI can make dramatic improvements to customer experiences on a large scale. DBS Digibot and Gen AI Chatbot projects serve as examples for banks ready to begin transforming their digital banking offerings in Singapore and improving their conversational experience.
FAQ's
DBS Digibot is DBS' virtual conversational assistant. It is available on digibank applications and web channels and provides answers to questions, starts simple transactions, and helps customers through various processes.
DBS uses Conversational AI to automate repetitive tasks, reduce wait times, and deliver unique, personal responses to questions in a timely manner — which results in higher customer satisfaction and less time waiting for an answer.
Gen AI chatbot at DBS provides LLM-based solutions to deliver customers with the most accurate information from a variety of reputable sources. It drafts responses and escalates queries to an employee when required.
Yes, DBS offers the Digibot platform for Consumer Banking customers and has also introduced Gen AI chatbots to support Corporate Bank and Internal Customer Service teams.
Conversational AIs can help contact center employees by giving them access to an AI co-pilot to listen in on a customer's call, provide suggested responses when needed, and greatly limit the need for time-consuming searching. Thus, conversational AIs' utilization can lead to quicker resolutions and higher levels of service quality due to the staff's efficiency.
As part of their implementation of the conversational AI, DBS implemented a security and compliance infrastructure via data protection, audit trails, and escalation processes that allow for compliance with regulatory and privacy regulations.
The businesses saw reduction in the Average Handle Time (AHT) and volume of contacts due to automation, an increase in the use of Digital, and an increase in customer satisfaction (CSAT) scores following the adoption phase.
DBS has invested in building and enhancing its conversational AIs and Generative AI's chatbot capabilities with new languages and retrieval strategies that allow servicing of Singapore's diverse multilingual customer base.
DBS regularly attends and participates in industry conferences and Conversational AI sessions, sharing their results, experiences, and learnings with other banks and the broader community, as well as providing their playbooks for other banks to learn from.
