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Join the DBSxINSEAD Product Innovation Challenge
Identify and design the ultimate financial product that will propel DBS to its next stage of growth and win a S$10,000 cash prize!
Missed the 4 September kickoff? Access the meeting recording and presentation deck here!
🌟 Innovate, inspire and ignite your career path in the financial industry!
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Sign up now to our telegram group! 🌟
ABOUT DBS
DBS is the largest financial services group in South East Asia – operating across 19 markets. Recognized as the “World’s Best Bank” by Global Finance in 2022, DBS has consistently demonstrated its commitment to transformation and forward-thinking strategies. CEO Piyush Gupta’s vision of a “33,000-person start-up” encapsulates the bank’s agile and innovative approach, setting it apart as a leader in the financial sector.
THE COMPETITION
THE CHALLENGE
DBS would like to invite MBA student teams from INSEAD, NUS, NTU, SMU and ESSEC to create the next big consumer financial product targeted at GenZs/newer segments that would shake up the industry.
Students can choose from any of the below 3 problem statements:
BACKGROUND
The Consumer Banking Group within DBS operates in 6 main markets: Singapore, Hong Kong, Taiwan, Indonesia, India and China. Within this, the Regional Consumer Products team covers all of the bank’s retail financial products across Deposits, Mortgages, Payments, Credit Cards and Unsecured Lending. Today, the team serves over 14 million customers.
The team is focused on building outstanding businesses, focused on 4 key themes of customer obsession, AI-led transformation, strategic partnerships and a digital led, omni channel distribution strategy. Some recent product innovations from the consumer products team include:
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- DBS green home loans & green car loans,
- DBS Multiplier savings account that rewards customers for total banking relationships,
- Instant issuance of virtual credit cards,
- Card safety and protection features and various spend insights on digibank,
- Ecosystem lending, partnering with top fintech platforms for small ticket sized loans.
YOUR SUBMISSION
- Team Up for Success: Form teams of up to 4 students with at least 1 team member present in Singapore for the finals. Members must be current students or have graduated no more than 3 months earlier than the submission date. We welcome participants from ESSEC Singapore, INSEAD, NTU, NUS and SMU. Teams can be mixed or from the same school. Note: Current DBS employees are not eligible. If you’re a DBS employee interested in contributing, please contact us at digital@INSEAD.edu to discuss alternative roles.
- Showcase Your Creativity: Submit your final presentation in PDF format, with a maximum of 15 slides (+5 appendix). Your submission should include a mock-up of your innovative consumer financial product, covering:
- Product idea
- Target customer segment
- Marketing & distribution strategy
- Product financials & profitability
- Why the product is innovative in the market
- Share: Upload your team details and presentation via this form (link coming soon).
- Expert Guidance: The top 3 teams will be announced on October 7 and receive exclusive coaching and insights from DBS product experts.
KEY DATES
PROBLEM STATEMENT RELEASE | 4 September 2024, 1.00 PM SGT |
SUBMISSION DEADLINE | 29 September 2024, 11.59 PM SGT |
TOP 3 ANNOUNCEMENT | 7 October 2024 |
DBS COACHING | 8 October – 5 November 2024 |
FINALS | 6 November 2024, 5.00-7.00 PM SGT |
EVALUATION METRICS FIRST ROUND
The evaluation metrics for the first round will be as follows:
Product Concept and Design (50%)
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Product viability and commercials (50%)
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AWARD
The winning team will take home S$10.000 as well as a Meet & Greet with Senior DBS executives in Singapore. Second and third place will receive S$2.500. All finalist teams will receive extensive feedback on their project ideas.
RESOURCES
- TECH TALK X “DBS: Taking Banking out of Banking”, April 2022
- HBR case on “DBS: Purpose-Driven Transformation”, September 2022
- INSEAD case on “DBS (A): Opportunistic Growth in Thailand”, January 2000
- DBS Annual Report 2023
- Kickoff video
- Kickoff slides
CONTRIBUTORS
CONTACT
Have a question about the challenge? Please use the Telegram channel.
For any other inquiries, feel free to email us at: digital@INSEAD.edu