Development Bank of Singapore undertook a major business planning exercise in the mid 1980s, as a part of its overall strategy, to gain a distinct competitive advantage in the banking industry. The bank adopted a strategy to rely on IT to support its business strategy growth by concentrating equally on all areas of banking and treasury operations. Systematic and well planned approach in using new and emerging technologies for its multifarious banking and trade financing operations has put DBS in the forefront of the banking industry. In 1992, DBS won the National IT Award in the private sector; the citation from the National Computer Board Singapore read: "In today's competitive banking world, DBS Bank stands out as the pre-eminent bank in Singapore and the region. DBS Bank's strategic investment in IT and the close collaboration between the bank's business and IT functions will help maintain its leading position".