Singapore private bank DBS enters deal with IBM to implement an innovative solution that will help improve client experience.

DBS Bank, the Singapore-headquartered private bank, has entered a deal with IBM to deploy the latter's Watson cognitive computing solution to help boost customer experience.

Watson is a cloud-based technology that can process information able to understand and learn from each interaction so that organisations can more quickly analyse and respond to customer needs. The agreement will start with DBS applying Watson Engagement Advisor to its wealth management business, in a bid to improve the delivery of advice, as well as its overall service to affluent clients. Over time, DBS intends to implement the solution to its other businesses, according to a statement from the bank. 

The deal highlights some of the ways that wealth management firms, facing pressures on costs, but also demands from clients for more customised service and understanding of their needs, are using technology solutions to try and deal with such forces.

According to a report by Bloomberg, the Watson technology is the same system that was used to beat contestants in the "Jeopardy" competition show.  

IBM is investing more than $1 billion in the IBM Watson Group, including $100 million in venture funding for businesses that develop applications; the operating is located from New York with a staff of 2,000 people.

DBS wil also make use of IBM solutions, which include business consulting, advanced analytics, hardware and IBM Research assets to build Watson's capabilities. In its statement, DBS said it will be uniquely positioned as the first bank in Asia to execute a project of this kind.

"In the digital era, consumers' ability to access information and make choices has changed dramatially... To remain relevant, we need to continuously innovate," said Piyush Gupta, chief executive of DBS.

The Singaporean bank has been working to improve its relationship with customers by using technology to streamline service delivery. In 2010, the bank formed a Customer Experience Council, chaired by Gupta, anchoring on three main ideas: an increased focus on digitisation, making the customer experience more interactive and intuitive, and using Big Data and analytics.