Money Majlis Ep 18. Innovation in action : how DBS earned the title of the world’s best digital bank
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Dec 6, 2024 Piyush Gupta, the inspiring CEO of DBS Bank, shares his transformative journey in making DBS a leader in digital banking. He discusses the role of technology as the new front office and debates whether pure-play digital banks can compete with well-established incumbents. Gupta emphasizes the need for a culture of innovation and how AI is reshaping customer engagement. He also highlights the importance of diversity in the workplace and the skills necessary for future banking careers, championing critical thinking and emotional intelligence.
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Initial Vision for DBS
- Piyush Gupta's initial vision for DBS was to be the "Asian bank of choice", not "Asia's best bank".
- The team wasn't ready to commit to the loftier goal, focusing first on fixing internal issues.
Digital Transformation Inspiration
- Realizing M&A-driven expansion was difficult, Piyush Gupta shifted focus to digital transformation after meeting Jack Ma.
- Observing Chinese tech firms reimagine banking, he recognized the industry's profound shift and DBS's need to adapt.
DBS's Tech Transformation
- DBS faced challenges with legacy core banking platforms, similar to other banks.
- They overcame this by migrating 99% of their apps to a cloud-native architecture, drawing inspiration from big tech's transformations.