From Experiential Transformation to Competition Next

MDs & CEOs of 5 leading BFSI companies participate in a CEO Panel Discussion at Finnoviti 2020 conference. Edited excerpts:

Mrutyunjay Mahapatra, MD & CEO, Syndicate Bank

Gone are the days to speak about the user and customer experience. There should be some differentiation. The main challenge for organizations is not about thinking customer experience, but where to start, how to go about it and how to quickly deliver it on the ground. At Syndicate Bank, we focus on defining use cases of customer experience and where the customer experience can be taken forward. For example, spend analysis is an integral part of our internet banking and it helps in recommending the next best product for the customer based on their profile analysis and their income.

Should we take 20 data points from the customer? Or can we take 10 data points from different public ecosystems that are available and then integrate into our recommendation engine? The customer must give some minimum amount of data, and the rest is either predicted or gathered by the system. Unlike millennials, the older generation employees are not good at technology, and this has repeatedly been proven in my experience.

An organization stands on 4 legs people, process, technology and governance. If anyone of the legs becomes weaker, the other one will come down to the level of the weaker one. How we are managing things is important. Differentiation like innovation must happen in 3 frameworks, just like innovation. There are incremental differentiation, platform differentiation and disruptive differentiation. Platform differentiation is like Amazon or SBI YONO, were you build a platform for multiple services that are to be delivered in a predefined way.

Rishi Gupta, MD & CEO, Fino Payments Bank