DBS CEO Says Only Half of Banks Are Making Enough Tech Progress

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 digitalization and artificial intelligence.

“If I have to look around the landscape, I’d say maybe 50% of companies have made enough progress on that,” Piyush Gupta told Bloomberg News’ Haslinda Amin in an interview Thursday. “A lot of people have tried to digitize before they change the fundamentals,” he added. “I call that putting lipstick on a pig.”