DBS taps IBM system to handle big data

IN a move to boost its wealth management business, DBS Bank yesterday announced plans to deploy IBM's cognitive computing technology Watson. This is a cloud-based application that can process enormous amounts of information, the so-called big data.

The Watson system, described by many as artificial intelligence, became famous by defeating two world champions in the popular quiz show Jeopardy. It has the ability to answer questions asked in human language and can self-learn from past mistakes.

DBS CEO Piyush Gupta noted that the bank has set aside $15 million over the next three years for developing the system within the bank. However, DBS has no plans to immediately start using Watson to assist its relationship managers.