Nitin Chugh, Sr. Executive Vice President & Head-Digital banking, HDFC Bank, speaks on the role technology plays in the banking sector and how it is filling the gap in the society. Outlook Money Digital Dialogues, March 2015.
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NewsTranscript
00:00 Technology is finally bridging the gap between various segments of the society.
00:13 We do believe that the information divide or the knowledge divide or the consumption
00:20 divide that probably existed or still exists in some shape and form is very rapidly blurring
00:28 because of technology.
00:30 And technology has lended itself now to digital platforms even though it also appears that
00:37 there is no one clear definition of digital.
00:39 You know everyone has their own interpretation of digital and digital is you know in a very
00:45 broad sense anything which is not physical is perhaps digital.
00:49 So specific to banking and all of us here are consumers of banking services.
00:56 You know about 10 to 15 years ago technology was meant to solve the problem of banking
01:02 operations.
01:03 You know how to automate banking operations, how to make technologies convenient to use
01:10 from a day to day banking operations point of view and that is where a lot of emphasis
01:14 was on things like core banking, ATMs, internet banking, all of that and these largely got
01:21 introduced as alternate channels.
01:24 Over a period of time and perhaps in the last 5 to 7 years we would like to believe and
01:32 at least our numbers show that very clearly is that these alternate channels are now the
01:36 core channels because bulk of the transactions now flow through these channels and these
01:41 channels have therefore morphed into becoming full fledged platforms.
01:47 And that is where perhaps the you know the confluence of what we see in digital today
01:52 which is a lot spoken about from mobile devices, applications, you know examples like how easy
02:01 it is to use a Facebook or a flip card app on a mobile device etc.
02:07 Those kind of things are becoming a reality even in financial services and more so perhaps
02:11 in banking because banking by design offers many many different kinds of products.
02:19 The other thing that we notice is that consumers are fairly well informed now and there is
02:27 a very clear phenomena of research online and by offline which is have been happening
02:33 for a long period of time now.
02:35 However, like Mr. Bakshi also said that the offline and the online worlds are coexisting
02:40 today.
02:41 We are also seeing very clearly that customers are actually moving from one world to the
02:44 other and coming back to the place where they find the most comfort and you know where they
02:49 are fairly happy with dealing with those kind of channels.
02:53 So my only take on this would be that yes technology is there for all of us to consume.
03:00 What we make out of technology, how we interpret it, how we keep the customer in the center
03:05 of all of this, trying to build solutions and deliver them in a transparent convenient
03:11 manner is really the whole game in the next few years to come.