Mint Clarity through debate ‘New Technologies set to give banking a Facelift: What CIOs should do?
Information technology may be at an embryonic stage but it has the promise of changing the face of the banking industry as not only enables banking services but also has the potential to be the driving force behind the perceived transformation. New entrants are leveraging their existing strengths of understanding the technologies and markets they operate in to deliver innovative business models which focuses on delivering business value.
The theme for the Mint Clarity through debate ‘New Technologies set to give banking a Facelift: What CIOs should do?’ held on 29th August 2012 partnered by Symbiosis School of Banking & Finance considered the changes expected in the banking industry. The audience had an opportunity to witness the growth in this area by private sector players through interactions between the eminent panellists.
The Panellists included:
- Sridhar Iyer, Director-eBusiness at Citibank
- Abonty Banerjee, Head Digital Channels at ICICI Bank
- Sanjay Sharma, Managing Director & CEO at IDBI Intech Ltd
- Aruna Rao, CTO at Kotak Mahindra Bank
- Subhakanta Satpathy, Senior Vice President and CIO, Axis Bank
- Amit Sethi, Senior President and CIO at YES Bank
- Mahesh Murthy, Brand management, venture capitalist, speaker on marketing and columnist. Founder, Pinstorm and co-founder, Seedfund
There was a very lively discussion on how the banks had evolved from the teller system to the era of application. There was a consensus on how the new technology is going to change the face of banking in the future in order to cater to the new age customer who demands his business at hand while also ensuring that there is no lapse in security of his account. The discussion enlightened the present audience on how each bank was combating the rise in technology and how it planned to reach the unbanked.
Tamal Bandyopadhyay, Deputy Managing Editor, Mint played the effective arbitrator in trying to point how the technology while being helpful to mankind also had some pitfalls and invited the bankers to share some real life experience of frauds that they had come across in their careers. He also envisioned the role of the regulatory body RBI in the governing of the use of technology and there was consensus on how the RBI is playing a very vital role in keeping a control over the misuse and abuse of technology.
The discussion held the audience in such rapt attention which was evident in their queries put forth to the eminent panellists in the future of banking, the role technology would play in it and how it would aid in the process of financial inclusion.
One thing in consensus from the evening was that there would be shifts in the banking industry like never seen before and far reaching effects that certain technologies would have from a perspective of customer centricity, speed of delivery and expense of servicing customer.