digital@INSEAD

DBSxINSEAD Product Innovation Challenge Winner

Team Zave from INSEAD

Congratulations to the winning team Jiya Sharma, Lahari Dharmala, Avinash Pulugurtha, Janit Singh.

Thank you to the DBSxINSEAD Product Innovation Challenge jury: Nadina Yap, Ananya Sen, Royce Teo, Victoria Sevcenko.

FINALS | AGENDA

Location: Amphi 102, INSEAD Asia Campus, 1 Ayer Rajah Ave, Singapore 138676

4.30 PM	Welcome Coffee, Reuters Foyer
5.00 PM	Welcome Note – Victoria Sevcenko, Assistant Professor of Strategy, INSEAD and Ishan Vaidya (MBA’24D) for the DBS Product Innovation Challenge Team
5.05 PM	Opening – Sanjoy Sen, Group Head of Consumer Banking, DBS
5.10 PM	Overview of Regional Consumer Products coverage – Ananya Sen, Group Head of Regional Consumer Products, DBS
5.15 PM	DBS efforts in GenAI – Royce Teo, Group Head of Regional Martech and Cognitive Banking, DBS
5.20 PM	Top 3 finalists team presentations (10 min presentation & 10 min Q&A) NTU Team: StashUp Saver with Santosh Das, Yujie Mu, Aman Sethi, Piyush Nimbalkar INSEAD Team: Zave with Jiya Sharma, Lahari Dharmala, Avinash Pulugurtha, Janit Singh NUS Team: Zenith Vault with Hirokazu Matsuda, Taha Dalal, Amanda Phan, Reginald Heng Jury: Nadina Yap, Principal Lecturer and Consultant in Product Strategy, NUS-ISS Victoria Sevcenko, Assistant professor of Strategy, INSEAD Ananya Sen, Group Head of Regional Consumer Products, DBS Royce Teo, Group Head of Regional Martech and Cognitive Banking, DBS
6.20 PM	Q&A (open floor) with the finalist teams moderated by Ishan Vaidya (MBA’24D)
6.35 PM	Winning Team Announcement – Ananya Sen, Group Head of Regional Consumer Products, DBS Networking / Drinks to follow

MEET THE FINALISTS

After an exciting and intense round of competition, we are pleased to announce the finalists of the DBSxINSEAD Product Innovation Challenge. These teams have showcased exceptional creativity and innovation, and now it’s time for the finals! Congratulations to all participating teams for their amazing efforts!

School	Team Name	Product Category	Product Summary
NTU	StashUp Saver	Savings	The DBS StashUp Savings Account empowers young adults to effortlessly save from their spending, invest in alignment with their personal values, and manage joint expenses, all while providing personalised investment advice through an AI-powered chatbot.
NUS	Zenith Vault	Savings	DBSmartSave is an innovative, personalised savings solution designed for Gen Z, integrating AI-driven goal-based savings, social gamification, and customisable features to make saving both engaging and enjoyable, while helping users achieve their financial aspirations.
INSEAD	Zave	Cards	Zave is a card designed specifically for Gen Z, aimed at building loyalty with their favourite brands, empowering cardholders with financial well-being tools, and engaging them through social media-driven perks, educational modules, and an AI assistant.

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:

- 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.
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%)

Clear articulation of the product and the challenge it addresses. (5%)
Clear articulation of how the product fits into the current DBS consumer product strategy. (5%)
Overall innovativeness of the product (10%)
Thoroughly thought-out user journey and understanding of user needs. (15%)
Vivid product presentation, including product details, product design (e.g. create either a prototype, mock design, 3D model or anything that can showcase your product) (15%)

Product viability and commercials (50%)

Clear articulation of the marketing and distribution strategy. (20%)
Clear understanding of how this product variant may vary across DBS markets of Singapore, Hong Kong, Taiwan, Indonesia, India and China. (10%)
Clear articulation of how to measure success for the product. (10%)
An initial business case and path to profitability for the product. (10%)

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.