This article was first published on Insights – Ripple
During a time of increased competition from within the banking sector and fintech startups, DBS Group CEO and Director Piyush Gupta helped to usher in a period of digital transformation—bringing the financial institution to the forefront of global banking leadership. At Swell 2019, Gupta shared how a company with over 20,000 employees transformed to operate with the speed and efficiency of a startup and what lies ahead in digital banking.
Gupta opened his discussion with a bold question, “How do you compete in a new world, where every tech company is going to be able to operate in your space and, frankly, do a much better job than you traditionally do?”
The answer lies in two key insights, according to Gupta. One, embrace the notion that every company has to be a tech company. Two, create a company culture that supports risk-taking.
Contrary to the common narrative, it is possible for legacy companies to adhere to these insights and make a difference, Gupta explained. “Conventional wisdom, even now received wisdom, is that big legacy companies like us find it very hard to change. We heard that you cannot be DBS and drive change. So, we decided to be contrarian. We figured that in our personal lives, we are all changing, so why do we think that companies can’t change?”
During a visit to New Delhi to see his 80 year-old parents, Gupta saw this personal digital change first-hand through his father who was now banking, paying bills and shopping for clothes all online. This was a reflective moment for Gupta. He explained that changing a company is less about changing the people, and more about transforming the environment to enable change and risk taking. So how do you take these insights and implement innovation?
After meeting ...
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