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Exclusive: DBS expands team to digitise wealth operations

Exclusive: DBS expands team to digitise wealth operations

Singapore’s DBS Bank has hired Daniel Li as regional head for wealth advisory enablement and order management architecture.

Li joins from Standard Chartered after two years, where he was responsible for the wealth management transformation program catered for private and retail banking. It involved the digitisation of wealth advice and transactions on digital channels, including internet, mobile and iPad-based workbench.

At DBS, reporting to Lim Soon Chong, regional head of investment products and advisory, Li will implement the regional wealth portfolio advisory framework in Singapore, Hong Kong, Taiwan, Indonesia, China, and India.

He will also be responsible for digitising wealth management products, services and processes and streamlining investment product order management platforms.

DBS, with CEO Piyush Gupta at the helm, is making a strong push for digitalisation across divisions as it aims to cut its cost and income ratio to 40%. As such, the firm made its wealth management app – iWealth - available to private banking clients earlier this year.

‘More and more of even our wealthy customers are beginning to do self-service on iWealth and that is driving improvement in our cost-income ratio, even on the top end of wealth,’ Gupta said at a recent press briefing.

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