The late management guru Peter Drucker defined innovation as the task of endowing human and material resources with new and greater wealth-producing capacity.

Banking, once touted to be among the more conservative industries, has in recent times challenged the status quo and has been trailblazing several firsts in innovation — through investments in technology to deliver superior channel experience and activate the ecosystem to bring convenience to customers.

Early this year, DBS Bank rolled out the banking industry’s first digital audit confirmation solution on its online corporate banking platform, DBS Ideal. Called DBS Audit Confirmation, the solution allows the bank’s customers, especially SMEs, to verify their financial positions and balances, with automated confirmations sent to their auditors. What is so innovative about this? It cuts processing time for audit confirmations to under 24 hours compared to the industry’s norm of at least seven days.

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