DBS launches enhanced generative AI program to speed adoption for small and medium-sized businesses

[SINGAPORE] DBS on Friday (24 April) launched an enhanced generative artificial intelligence (AI) program to accelerate the adoption of AI in small and medium-sized enterprises (SMEs).

The enhanced Spark GenAI program is designed to accelerate the AI ​​transformation efforts of small and medium-sized businesses, in line with the national AI adoption and business transformation drive.

The financial institution said the initiative takes a more structured approach to implementation than previous versions, and the enhanced program incorporates a three-tier approach that provides guidance tailored to different levels of maturity and business readiness.

Additionally, the bank offers group-based consulting services with customized solutions, as well as one-on-one advisory support and customized back-end integration.

The original program only offered access to digital advisory guidance, selected AI training, and off-the-shelf solutions.

DBS’ Business Pulse Check Survey of 730 company representatives found that two in five small and medium-sized businesses are seeking expert advice on how to meaningfully incorporate AI into their business operations.

“This is why we have strengthened our Spark GenAI program – to reduce adoption friction, accelerate adoption, and help businesses build future-proof capabilities,” Chen Ze Ling, head of corporate and SME banking at DBS Group, said in a statement.

To further support adoption, businesses can also take advantage of DBS’ suite of financial solutions, including Cyber ​​Protection Cover, which enables investment in AI deployment while providing protection against cyber threats.

The lender will also host quarterly engagements on AI trends, insights and industry-focused case studies to help businesses stay abreast of developments.

In an interview with business timesDBS says more than 380 companies have participated in the program since its launch.

The program is being rolled out in partnership with Enterprise Singapore (EnterpriseSG) and Infocomm Media Development Authority (IMDA).

Participating small and medium-sized businesses will have access to an Open Innovation Platform (OIP) that connects them to a global network of over 16,000 solution providers.

“AI is rapidly becoming a key driver of business competitiveness, and it is important that small and medium-sized businesses are well-prepared to harness its potential,” said Johnson Poe, assistant chief executive of IMDA’s Enterprise Transformation and Innovation Group.

AI playbook

The financial institution also launched the SME AI Playbook. It includes a readiness diagnostic tool designed to support independent learning and covers seven key industries in Singapore, from retail to trade.

Developed in collaboration with knowledge partner KPMG and supported by SkillsFuture Singapore (SSG) under the banner of SME AI Skills Launchpad, this handbook aims to provide businesses with the ability to deploy AI in a practical and scalable way.

It brings together real-world use cases, real-world success stories, FAQs, and readiness diagnostic tools to guide companies in their AI adoption and “support employees in developing the skills they need to effectively adopt and apply AI.”

Chen said the handbook allows business leaders to break down “a seemingly complex transformation process into incremental steps.”

“Doing so will allow companies to assess their current situation, learn at their own pace, and identify the next steps that make the most sense for them,” he added.