The soft launch of the solution was planned for late September 2015, starting with about 2,000 select customers in the cities where DBS had a physical presence. Digital Mindset In parallel with the launch of Digibank, a broader effort to help the entire DBS organization embrace the digital world was gaining traction. A senior staff member in the learning and development organization explained: “DBS is essentially betting its growth strategy on digital, and it is not enough that only people in Digibank understand what digital means. If most of our employees in the middle level still believe that it’s business as usual, that would be the worst-case scenario for the bank.” The goal, therefore, was to help employees throughout the bank think about customer journeys, a concept that had already taken hold in the organization, in the context of a digital world. While the objective was clear, how to accomplish it was less certain. The learning and development team, nonetheless, was convinced of two things. First, the effort would need to start 3 DBS Digibank, “Know Your Customers” banking requirements. Retrieved from . This document is authorized for use only in Jochen Schlapp's Innovation Management MiM at Frankfurt School of Finance & Management from Jan 2019 to Jul 2019.
Driving Digital Transformation at the DBS Bank SI-195-E 10 IESE Business School-University of Navarra with top executive talent, irrespective of which part of the bank the executives worked in. These leaders had the level of ability, aspiration and engagement that would help build momentum within DBS. Second, a traditional “conference-style” learning event would be insufficient. Instead, the format of the engagement would have to be highly immersive and experiential. Hackathons To develop these ideas further, the team got together with Neal Cross, chief innovation officer at DBS. A serial entrepreneur, who also spent significant time spearheading “intrapreneurship” efforts at Microsoft and MasterCard, Cross suggested bringing together the executive talent and start-up entrepreneurs to work together in a hackathon event. The teams would be given three days to generate ideas for a given business challenge, develop an initial prototype, get feedback from customers, code a basic mobile app, get more customer feedback, and – by the end of day 3 – pitch their solution to top executives at DBS. (See Exhibit 8 .) The idea looked promising and a pilot hackathon with 30 vice presidents from Singapore was launched in October 2014. The event lasted five full days. The first two were devoted to a master class where participants explored key digital trends, discussed concepts of disruption and innovation, received training on HCD, and reflected on the opportunities and threats of digitization for DBS. The objective was to prepare everyone for the hackathon as such.
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- Summer '17
- DBS Bank Ltd