DBS’ Piyush Gupta: Only Half of Banks Making Enough AI Progress
The Business Times | 19 October 2024
Piyush Gupta is widely credited for transforming South-east Asia’s biggest bank as it braces for new competition from fintech rivals such as Grab Holdings. PHOTO: BLOOMBERG
THE head of Singapore’s biggest lender said only about half of the banking industry has made sufficient progress in transforming their businesses to embrace digitalisation and artificial intelligence (AI).
“If I have to look around the landscape, I’d say maybe 50 per cent of companies have made enough progress on that,” Piyush Gupta told Bloomberg News’ Haslinda Amin in an interview on Thursday (Oct 17). “A lot of people have tried to digitise before they change the fundamentals,” he added. “I call that putting lipstick on a pig.”
Gupta, who will step down as chief executive officer of DBS Group Holdings in March, is widely credited for transforming South-east Asia’s biggest bank as it braces for new competition from fintech rivals such as Grab Holdings. That shift has helped reduce costs to win new clients, while compiling data to pave the way for artificial intelligence.
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