When Piyush Gupta took over as the CEO of DBS Bank in Singapore in 2009, he said DBS needed to think of itself not as a bank, but as a technology company providing banking services. Gupta challenged his entire workforce to raise their innovation game.
Gupta and his team invested significantly in technology, restructured to improve collaboration, and, most critically, drove a series of cultural interventions to encourage innovation friendly behaviors. Over the next 15 years DBS Bank transformed from an under performer in its local market to the best performing bank in the world. How did Gupta and other leaders who look to foster innovation do it?
As a researcher, advisor, (DBS was a consulting client of mine from 2017 to 2019), executive, and now teacher, I have spent 25 years practicing