Hello, my name is Paul, and I am the Chief Data and Transformation Officer at DBS Bank here in Singapore. I have been driving transformation at DBS for 11 years, and we have gone from being a highly bureaucratic bank—once known as DBS: Damn Bloody Slow—to being acknowledged as one of the most remarkable transformations of the past decade. We have driven significant change over these years, but nothing compares to the transformation forced upon us in the past few months by a microscopic virus called COVID-19.
How We Were Prepared
Headquartered in Singapore, we had experienced SARS firsthand. As a result, both the country and companies like ours had long-established procedures to deal with a pandemic. At one point in my career, I ran the Business Continuity Planning (BCP) department, where we conducted drills for exactly this kind of event. We had thermometers ready for monitoring employees, stockpiled masks, and had pre-written checklists detailing how to adapt operations under such circumstances. We knew how to manage split operations and maintain continuity.
Additionally, our digital transformation had been well underway. In 2019, we declared it the "Year of the Employee" in response to feedback from our staff. Employees, who were also our customers, had seen the improvements in our customer experience and pointed out that their internal employee experience had lagged behind. To address this, we invested heavily in improving policies and processes, setting up the Kiasu Committee—a Singlish term meaning “fear of missing out” or being overly conservative. This committee allowed employees to challenge policies or processes, which were then judged by a panel of junior and senior staff, chaired by our head of legal and compliance. If a policy was deemed kiasu, the owner was obliged to change it. This led to significant improvements, such as removing trivial expense claims and eliminating pre-approvals for travel.
We also made substantial infrastructure investments to enable remote work, ensuring videoconferencing and security controls were in place. Our third advantage was a cultural initiative called Culture by Design. Inspired by big tech firms like Netflix, which had articulated their workplace culture in detail, we did the same. Four years ago, I ran a session with our top 250 leaders to define our desired culture under the tagline: "A 27,000-person startup." The biggest blocker? Our meeting culture. Meetings were too frequent, ineffective, and lacked agendas.
Introducing Meeting Mojo
To address this, we introduced a ritual called Meeting Mojo. Every meeting required a Meeting Owner (MO) who had three key responsibilities:
- State the purpose of the meeting at the beginning.
- Summarize key takeaways at the end.
- Ensure equal share of voice among participants.
Additionally, we introduced the Joyful Observer (JO), who spent 30 seconds at the end of the meeting evaluating how well the MO fulfilled their role. When we implemented this, meeting effectiveness doubled as measured by internal surveys. This validated our approach—identifying blockers and running experiments to improve culture.
Adapting to Remote Work
Then came COVID-19. As Tyson famously said, "Everyone has a plan until they get punched in the mouth." One of our biggest challenges was India’s sudden lockdown, which impacted 2,000 employees in Hyderabad. Many did not have laptops, yet the Indian government required them to work from home overnight. We had to rapidly procure and distribute laptops while ensuring connectivity for those returning to villages with weak internet.
Our customers also forced digital transformation upon us. While we had already digitized most services, pockets of non-digital processes were suddenly exposed, such as requiring wet signatures for regulatory reasons. We quickly deployed digital solutions to address these gaps.
Initially, I wondered how we could continue transforming the company during a crisis. Instead, our pace of transformation accelerated. We had to adapt quickly, even in unexpected areas. My team, for example, relied on post-it notes and whiteboards—challenging to replicate remotely due to strict security guidelines. In response, we launched Project Lemonade (as in, "when life gives you lemons…"). We consulted design schools and industry experts, learning best practices for virtual collaboration. Within a week, we restructured our workshop approach, running them fully remotely—including with senior executives—without losing effectiveness.
Challenging Long-Held Beliefs
This period has also challenged some of my long-standing beliefs. I had always advocated for colocated development teams. However, with employees in India avoiding long commutes, they started work earlier, increasing timezone overlap with Singapore. The productivity gains from avoiding commutes outweighed the drawbacks of remote work.
Even training has evolved. Traditionally, classroom training was considered superior due to ease of breakout sessions and discussions. Yet, our training team swiftly transitioned 100% of sessions online. I attended a four-hour program on AWS DeepRacer—a reinforcement learning AI competition—and was surprised at how effective the virtual setup was. Trainers used multi-screen environments and chat-based teaching assistants, creating an immersive experience. In many ways, it was superior to in-person training.
Addressing Emotional and Behavioral Challenges
As logistical challenges settled, cultural and emotional issues surfaced. Working from home affects people differently—those with young children face homeschooling pressures, while those living alone struggle with social isolation. We needed behavioral countermeasures.
We implemented BEANs (Behavioral Enablers, Artifacts, and Nudges). These rituals helped maintain engagement. For instance, teams adopted Agile practices such as daily huddles and emotional check-ins, where employees rated their emotional state from 1 to 10. Some started joining meetings a few minutes early for casual conversations. Even managers previously skeptical of Agile began embracing these practices.
One of my favorite BEANs is the "Zoom Selfie." At the end of large meetings, participants take a group selfie using Zoom, Teams, or Webex and post it in the chat. Initially, I found it awkward, but seeing everyone participate fosters a sense of community.
Looking Ahead
As we move forward, three priorities emerge:
1. Plan Ahead
It's easy to focus on immediate challenges, but we must prepare for long-term economic impacts. The most popular town hall question is: "Will we return to the office, or continue remote work?" At DBS, our Plan Ahead Task Force is evaluating different work models. We are experimenting rather than making top-down decisions, considering multiple factors such as cost savings, employee engagement, global talent access, and productivity.
2. Do the Right Thing
As a banker, I hesitate to talk about "doing the right thing" given the industry's past reputation. However, I firmly believe banking is essential to modern society. Once the health crisis subsides, we will face a deep recession. Banks must balance short-term profitability with long-term customer and employee loyalty. At DBS, we have committed to zero layoffs and will hire 2,000 people in Singapore this year. For customers, we must strike a balance—providing financial support without jeopardizing our own viability.
3. Stay Positive
Fear and uncertainty are inevitable, but leaders must maintain a realistic yet optimistic outlook. This crisis has proven that rapid transformation is possible. If nothing else, people will emerge from this with a newfound belief in their ability to adapt—an essential mindset for solving any challenge.
Thank you very much.