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The digital bank: Has it come of age?
Digital banking for incumbent banks can be challenging given the difficulties with organisational fit, cultural construct, people skills and legacy systems having to coexist with the new way of doing things. But it is also a tremendous opportunity to build a world-class digital experience and to take the bank’s reputation as a solid and trustworthy brick-and-mortar institution that will stand behind its digital transactions, especially in a world where physical interactions are severely impacted by the COVID-19 pandemic. This paper discusses how the convergence of artificial intelligence, machine learning, computational power and data abundance creates the perfect ecosystem to deliver a compelling digital banking experience. It outlines how it is imperative for banks to invest smartly over the next few years in their infrastructure as part of their digital banking strategy so that customers who choose to conduct their banking services at a physical touchpoint can also have a state-of-the-art service experience.
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Faraaz Ali is Regional Lead of Ecosystems and Partnerships, as well as Regional Head of Deposits and Secured Lending at DBS. He is responsible for driving the overall ecosystem strategy at the bank, including managing strategic partnerships, and for driving customer value proposition and profitability. Before joining DBS, in 2018, Faraaz spent four years at ANZ Bank as Regional Head for Retail Banking Products, where he managed business and product management functions and delivered innovative payment products with the Asia Pacific country business teams. He also carved a nine-year career at Citibank in their cards and payments businesses across the Middle East and North Africa, as well as the United States of America (USA). Faraaz began his banking career at Capital One serving in numerous roles, including a stint at the Capital One Auto Finance Group and their Canada cards business, where he coordinated two major systems integration and automated important back-end processes. Faraaz holds a master of science in information technology from the University of Dallas. He has been actively involved in community and youth development initiatives in the USA, UAE and India, one of them being as a Den Leader with the Boy Scouts of America in Dubai.