DBS CEO Piyush Gupta apologises for last week’s digital banking disruption, says review being done

SINGAPORE: DBS Group CEO Piyush Gupta on Friday (Dec 3) apologised to clients for the two-day disruption to digital banking providers last week, including that the financial institution is reviewing its processes.

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“I just want to take the opportunity to say sorry,” Mr Gupta mentioned when requested in regards to the disruption throughout an interview on the digital Reuters Next convention.

“Our customers have the right to expect more from us and, you know, I share their frustration and their pain.”

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Many DBS and POSB clients reported over two days last week that they had been unable to entry online banking providers. The disruption began on Tuesday morning and recurred on Wednesday after DBS mentioned providers had been restored.

The financial institution, Southeast Asia’s largest lender, mentioned that the disruption was brought on by “an issue with (its) access control servers”. 

On Friday, Mr Gupta reiterated that there was no cyberattack. He described DBS’ entry management server because the “front door” to banking providers.

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“When you want to come in through your mobile bank, that’s the first page you’re landing at and your identity, your authentication, your passwords are controlled over there,” he mentioned.

A “degradation” within the entry management server allowed solely a small minority of consumers to entry the banking providers, Mr Gupta added.

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“But the good news is that everything behind the front door was safe,” he mentioned, including that fee and buying and selling providers continued to work in the course of the disruption.

“In fact, if you went to any of our branches or called us on the phone, we could do everything. It was just the front door access that got degraded.”

Mr Gupta, who has been on the helm of DBS Group since 2009, mentioned the financial institution is conducting a “full review of the end-to-end processes” to establish the way it can do higher.

“As you get more and more digital and you get more and more advanced, the bar on customer expectations and the bar on 99.999 per cent expected uptime will continue to be raised higher,” he mentioned within the interview with Reuters senior monetary correspondent Anshuman Daga.

“Therefore it is incumbent on all of us as providers to be able to create the resiliency and the capacity to be able to serve and operate at a very high bar.”

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The Monetary Authority of Singapore has mentioned it is going to contemplate “appropriate supervisory actions” following a radical investigation into the disruption by DBS.

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