Since ages, Fashion has been one of the most volatile businesses. Trends come and go in the blink of an eye. They render our once-prized purchases obsolete almost overnight.
Now, another force has joined the fray: Technology. I try to stay abreast with latest tech through various sources. Yet, there’s always a concern that we may lag behind the curve, and our latest investments may become redundant soon…
Many inquire with us, “How are you adapting to these technological shifts? How do you compete with newcomers who seem to embrace the latest innovations faster?”
My response is simple: We are not keen to join a perpetual race: A race to broadcast that one is first to embrace a particular new technology. Rather, we focus on ensuring that our organization remains relevant amidst all the changes. Technology, then serves as a means to achieve the transformation, not an end in itself.
Here are the key questions we ask ourselves, and seek ways in which technology can help address them.
A) Why should people choose to join us?
There are 63 million businesses in India alone. Standing out requires more than competitive products or services. Employee experience is critical.
Here are a few of the levers to achieve that.
a) Minimise non-value-added work.
Here are a few questions in front of us:
- Streamlining operations: Banking sector is process driven. More complex the transaction, more the number of stages. Can we deploy Intelligent Process Automation (IPA) at scale to automate repetitive work?
- Enhancing collaboration: We realised that employees spend a lot of time on emails. Can we use AI driven collaborative platforms for more efficient communication?
- Leveraging data insights: India is a data rich country. How can we harness public and private data sources to assess customers better?
Our goal: Use Tech to free up employee time from mundane work. They can then focus on work they do best.
b) Let them experiment
Another important lever of employee delight is to help them express themselves.
- Applying skills: Classroom sessions on Technology are inadequate. Can they experiment in a controlled environment?
- Right support: If an employee wants to try an un-tested environment, how can we support? How can we provide the right resources? How can employees innovate without too much pressure of downside risks of failures?
Experience suggests that only introducing new technologies may not give returns. An atmosphere of creativity, yet discipline is key to derive the most out of technology.
B) How can we stay relevant in the future?
Competition has moved beyond traditional banks. Harnessing technology becomes paramount to remain relevant. Key initiatives include:
- Personalization: Leveraging AI to deliver tailored insights and ethical nudges. Use sentiment analysis to enhance customer service.
- Supporting Emerging Businesses: Adopting unconventional methods to assess our tech-savvy clientele.
- Prioritizing Cybersecurity: Safeguarding customer data against evolving threats through robust cybersecurity measures.
- Embracing Sustainability: Exploring CleanTech solutions to address the pressing challenges of climate change.
- Harnessing Borderless Technologies: Utilizing innovations like DLT and blockchain to navigate geopolitical complexities.
- Better collaboration: Companies are evolving into global ecosystems. How can we work better with counterparties through new-age APIs, Data analytics and sharing
And the list goes on..
Technology leaderboard will keep getting updated. The key for us is never to lose sight from the first principles of banking. It is then important to embrace the technology evolution well to achieve a brighter, and a more sustainable future.
Shekhar's Thoughts 