This Friday, March 28, 2025, marks the end of an era for DBS Bank as Piyush Gupta steps down after an extraordinary 16-year tenure as Chief Executive Officer.
His leadership has been nothing short of transformative. During his tenure, he turned DBS from a traditional lender into a globally recognised powerhouse of digital banking.
When Piyush took the reins in 2009, DBS was in dire need of a strategic overhaul. The bank was still recovering from the global financial crisis and had a reputation for being bureaucratic and risk-averse.
As he himself described it, he inherited a “stuffy bank, a loan shop” that lacked ambition.
From the very beginning, Piyush Gupta was determined to change that, setting out to reshape DBS into a dynamic, high-performing institution.
A Digital Revolution Rooted in Innovation
One of Piyush’s most significant contributions was his early recognition of digital banking’s potential. A pivotal moment came in 2014, he told the Financial Times, when he met Alibaba founder Jack Ma, who shared his vision for Alipay.
Inspired by how technology could revolutionise banking, Piyush secured a substantial investment from the DBS board to spearhead a digital transformation that would redefine the institution.
What followed was a sweeping overhaul. One of them saw DBS rapidly embrace cutting-edge technology, embed artificial intelligence into its operations, and push aggressively into mobile banking.
His vision bore fruit, as DBS became a leader in digital banking. He had pushed the bank to earn global recognition as the “World’s Best Digital Bank” multiple times and set the gold standard for innovation in the sector.
The bank’s transformation was so groundbreaking that it became a case study for top academic institutions.
Harvard Business School, INSEAD, and other prestigious institutions published studies highlighting DBS’ digital journey, emphasising how Piyush fostered a startup culture within a 33,000-strong workforce.
He encouraged employees to experiment, take risks, and adopt an agile mindset, making DBS a rare example of a traditional bank evolving into a tech-driven financial institution.
AI and Data-Driven Leadership
Piyush Gupta’s vision extended beyond digital banking into artificial intelligence. Under his leadership, DBS has been integrating AI into its operations since 2014. Since that year, they have been using it to drive business value, enhance customer experiences, and improve internal efficiencies.
The bank currently runs over 800 AI models across 350 use cases, with an expected economic impact exceeding SGD $1 billion by 2025.
From personalised financial recommendations for customers to AI-driven career development tools for employees, Piyush ensured DBS leveraged AI not just for efficiency but also to create deeper customer relationships and drive employee growth.
His foresight in industrialising AI has positioned DBS as a global leader in banking technology. Harvard Business School recognised this transformation with a case study, highlighting how AI helped DBS redefine traditional banking and establish an advanced digital-first model.
Challenges That Shaped a Leader
Under his leadership, DBS experienced unprecedented growth. Its share price soared, more than tripling in value. Net profits surged fivefold, crossing the SGD $11 billion mark. The customer base, once modest, expanded to an impressive 18.5 million, while the bank’s workforce grew exponentially, reaching 41,000 employees.
Shareholders enjoyed staggering returns, as dividends doubled and the bank committed to a massive stock buyback initiative. Yet, beyond the numbers, Piyush instilled a culture of ambition, meritocracy, and relentless innovation that cemented DBS’s reputation as a modern financial giant.
Despite his many achievements, Piyush’s tenure was not without challenges. In 2023, a series of IT outages severely impacted online banking services. At that time, the bank had prompted swift regulatory action from the Monetary Authority of Singapore.
DBS faced penalties, including a temporary freeze on non-essential IT upgrades, and Piyush himself took a significant pay cut. For a man who had championed digital excellence, it was a humbling moment. One he later admitted was among the biggest missteps of his career.
Yet, even in adversity, his response was characteristic of his leadership—transparent, accountable, and committed to rectifying the issues.
A Legacy That Will Stand the Test of Time
Beyond technology, Piyush Gupta navigated DBS through shifting geopolitical and macroeconomic landscapes, weathering trade wars, fluctuating interest rates, and an increasingly competitive banking industry. Through it all, his philosophy remained clear: “Keep pivoting”.
He never stood still. Piyush was always seen recalibrating DBS’s strategies, expanding its footprint across Asia, and ensuring the bank remained agile in an ever-evolving world.
Piyush is often viewed as a person who championed AI-driven banking solutions. A move that further deepened DBS’s technological edge while also making significant inroads into wealth management and transaction banking.
With Piyush’s departure, DBS now enters a new chapter under Tan Su Shan’s leadership. A seasoned veteran with extensive experience in wealth management and institutional banking, she steps into the role at a time of great opportunity and challenge.
While she inherits a bank at its peak, she must now navigate the next wave of digital evolution. She must now strengthen its technological resilience, and sustain the momentum that Piyush so masterfully built.
Piyush Gupta leaves behind a legacy of ambition, resilience, and innovation. He didn’t just change DBS. For me, he has since redefined what a modern bank could be.
His ability to blend financial expertise with a technology-first mindset turned DBS into a global leader, setting the stage for continued success. As the banking world bids farewell to one of its most influential leaders, one thing is clear.
Piyush Gupta’s impact on DBS and the industry at large will be felt for years to come.
Featured image credit: Edited from Freepik
