Betting big on the ‘risk management’ function across banking, Uday Kotak, managing director & CEO of Kotak Mahindra Bank, on Thursday, said risk management will play a big differentiator for banks and that will help bankers create an edge for themselves in the industry. The banker also said he will look for investment opportunities in the sector.
Talking about a more inclusive eco-system, Kotak said, “This is an era of coopetition. Banks and fintech will continue to co-operate in some areas while competing in the others, however digital players will emerge ahead.”
Speaking at the second day of Global Fintech Fest 2020, that held in virtual mode, he also stressed that policy supervision, regulation and governance have to be ownership neutral and have to be the same for both public sector and private banks.
Arundhati Bhattacharya, Chairperson and chief executive of Salesforce India said, “Digital is imperative, empowering and will give better risk management insights. Digital opens up new market segments and gives them a picture of their lending scenario, with which one can manage NPAs better.”
“Indian banks will have to adapt rapidly to the disruptive changes brought about by the coronavirus pandemic through greater data-driven decision making and digitization in day-to-day functioning” she stressed.
Bhattacharya added that banks will have to be ready for the future. The future is going to be different from anything that we have seen in the past.
Banks will therefore have to look at how they approach the entire customer journey—whether they want to be distribution-heavy and branch-light or asset-light, liability-heavy and transaction-heavy, however being digital and data driven will be imperative for banking, she further added.
The Global Fintech Fest has witnessed a participation from 50-plus countries, 100-plus speakers and 10000-plus registered delegates in attendance. Fouty-five were international speakers and 30 percent women speaker participation.
First Published: Jul 23, 2020 11:52 PM IST
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