At the 5th Annual Sim Kee Boon Institute for Financial Economics Conference 2015 held by SMU on May 6, DBS Bank chief executive officer Piyush Gupta said that Asian banks, which have been left largely unscarred by the global financial crisis, are innovating and rolling with regulatory changes more quickly, even as they deal with competition from non-traditional lenders and a younger clientele who demand for digital services. Citing the various profound changes that are washing over the banking industry, such as the rise of digital banking, shifts in consumption patterns and the issue of data privacy, Mr Gupta said: “I believe quite strongly that we are at the cusp of momentous change in our industry. In the next five years, our industry is going to go through cataclysmic disruption, and within the next decade, I strongly believe there will be banks that will make the transition, and banks that will die.”
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