On Wednesday (29 Mar), DBS informed its customers that its digital services, such as PayLah!, experienced an outage.
As a result, users could not access these services for a period of time.
Thankfully, its digital services returned to normal on Wednesday evening.
During an annual general meeting (AGM) on Friday (31 Mar), the bank apologised to its shareholders and customers for the incident.
Furthermore, DBS Bank also announced that it will set up a special board committee to look into the cause of the disruptions.
According to a transcript of the remarks made by CEO Piyush Gupta at the AGM seen by MS News, he acknowledged that the incident was a “sobering” one for everyone at the bank.
Having its second round of disruptions in 16 months, he said, deeply “embarrasses” the company.
Source: Piyush Gupta on LinkedIn, for illustration purposes only
“Ensuring uninterrupted digital banking services 24/7 has been our key priority,” said Mr Gupta. “Unfortunately, we fell short and I’m truly sorry.”
Our customers and our shareholders deserve better.
DBS chairman Peter Seah also expressed his regret for the outage.
He bowed to shareholders as he apologised for failing to live up to their expectations.
Mr Seah also highlighted that the incident was “unfortunate and disappointing”.
While the bank has been working with independent experts to strengthen its recovery protocols, Mr Gupta noted that “it was not enough” as more than half of DBS customers could not access their digital services on Wednesday.
Following the outage, Mr Seah highlighted that DBS will conduct a “full and detailed investigation of the incident” with the help of a special board committee.
They have also consulted the Monetary Authority of Singapore (MAS), which is “supportive”.
Furthermore, DBS plans to “engage external experts with broad and deep experience in overseeing large-scale IT systems and operations”.
These experts will assist the committee in reviewing the issue.
However, even with the review underway, Mr Gupta also shared that it is still too early to figure out the exact cause of the issue.
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Featured image adapted from @dbsbank on Twitter.
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