Gupta: Laggard lenders will vanish in a decade
DBS chief says Western banks in particular caught up with regulatory changes instead of tackling digital banking, changes in consumption patterns and data-privacy issues
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Singapore
ONE decade is all the shelf-life some banks - especially those in the West - will have, DBS chief executive Piyush Gupta said on Wednesday.
He said these banks have been so caught up with regulatory changes that they have ignored the "profound" changes washing over the industry, such as the rise of digital banking, shifts in consumption patterns and the issue of data privacy.
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