High transaction fees and long settlement times are already a thing of the past. Firms need to change the customer experience and way they do things or be left behind, he said.
«The idea of payments in the old-fashioned way is bound to die,» DBS' Piyush Gupta said at Ripple's Swell 2019 conference in Singapore on Thursday, where he spoke about DBS's digital transformation journey and the future of business banking.
«My advice to you is get out of the business because it cannot last,» the bank's group CEO candidly told a foreign exchange broker, who asked about how technology developments would affect such businesses.
Gupta added that the bank is already competing in this field with its DBS Remit service, which is «going gangbusters.» The service promises instant payments across 11 countries in Asia and charges zero fees, and has Singapore dollar pricing that is competitive with firms like Revolut and Transferwise, he said.
Trends Shaping Banking
During his speech, Gupta highlighted trends he thinks will shape the future of banking: big data and artificial intelligence, blockchain and tokenization, Internet of Things and augmented/virtual reality, and cybersecurity.
«At the end of the day, it's about the speed and the agility to keep flexing and moving…and that's what we have to keep on doing,» he said about the evolution of banking.
