The country's top banker, Aditya Puri, MD & CEO of HDFC Bank may be famous for not using a mobile phone or a computer on his work table, but he is going all out to ensure his bank does not lose out to the new fintech players in terms of technological convenience.
Speaking to BOOM's Govindraj Ethiraj, Puri laid out the broad strategy that the bank is relying on to ensure frictionless service for its customers. Puri explains why he wants his bank to be like Netflix - one click service - and the lessons he wants his team to take from new age tech players like Amazon, Facebook and Apple.
Here are three ways in which Puri is helping to reinvent his bank by using technology in a manner that can provide convenience to his customers.
1) Puri says that to provide seamless technology to his customers, he need not be a mobile user himself. He only needs to drive his team to provide technology to his customers that are in tune with their needs. He says he has 45 people who check every product for UI frictionless - user interface without friction which will ultimately lead to convenience.
2) Be like Netflix is Puri's latest mantra. He wants his user platforms to be as simple as Netflix which means that the time taken between seeking for a service and delivering it has to be shortened. Puri points out that for those customers who have a demat account, all it takes to provide them a loan is ten seconds. The customer does not need to speak to any of the bank's employees with the wealth of information already mined to help them to extend a loan in ten seconds based on the credit worthiness of the clients.
3) Puri admits that the bank has been slow to catching up with the more nimble footed Fintech players like Paytm who used dyanmic technology platforms to adjust to changes as demanded by their customers. For this, he said that they are moving to an API platform which enables them to customise products as compared to the hard wired solutions they used in the past. This also means hiring of design consultants who will make sure that they have marketing designs in place.
Puri quotes a recent Harvard Business Review report which shows that a legacy player on the strength of its trust and brand can get back its customers lost to new players, if it is able to reinvent and provide a range of services with convenience.