Star­tups mo­ti­vated banks to dig­i­tize fast

—RITESH PAI, Se­nior Pres­i­dent & Coun­try Head, Dig­i­tal Bank­ing, YES Bank

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How is dig­i­ti­za­tion chang­ing the bank­ing space in In­dia?

Dig­i­ti­za­tion is one of the key el­e­ments which en­able the banks with tra­di­tional pro­cesses to com­pete and meet the cus­tomer ex­pec­ta­tions in this eCom/mCom­merce uni­verse. Var­i­ous ini­tia­tives taken up in this space has helped banks to ac­cess data across ge­ogra­phies al­most near real time and hence we can see im­proved ef­fi­cien­cies and also re­duced er­rors as there is no loss of in­for­ma­tion. As a re­sult of dig­i­ti­za­tion, banks now can ac­cess cus­tomer in­for­ma­tion at fin­ger tips and re­vert to the cus­tomers on var­i­ous queries in the mat­ter of sec­onds which meant re­duced TATs and in­crease cus­tomer de­light.

How do you see the chal­lenges posed by star­tups which are com­pet­ing with banks through their wal­let apps?

Star­tups are not re­ally com­pe­ti­tion. Star­tups have def­i­nitely mo­ti­vated banks to move fast on the tech­nol­ogy space to of­fer con­ve­nience to the cus­tomers. At YES BANK, we ac­tu­ally saw this as an op­por­tu­nity and started to part­ner with them. Star­tups can bring in agility and in­no­va­tion, banks can bring in gov­er­nance and of­fer reg­u­la­tory sup­port along with ro­bust pay­ment sys­tem in­fra­struc­ture and hence it showed us a clear way that com­bin­ing our strengths is the best way to go to mar­ket and of­fer ser­vices.

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