The disruption storm

In February 2014, HDFC Bank's top boss Aditya Puri had said that what kept him awake at night was digitisation, big data and customer expectation. This was much before high-speed internet data (4G) explosion happened in India. I suspect he is still worrying about all these things as much, if not more. It takes smart CEOs and entrepreneurs to recognise well in advance what can possibly move their cheese or the customer. HDFC Bank has been an early mover in the technology space and has been leveraging it to solve legacy problems, both for its retail and corporate customers. But worried all banks should be as 900-plus fintech start-ups are today present in the space of lending, payments, insurance and investments. Is market share at risk? Yes, for only those who don't change the way they do business. Disruption has hit some sectors much ahead of others. Still many view it something amorphous that happens to other businesses, not theirs. But this isn't anywhere close to reality. According to a study by Accenture, 44 per cent companies in India are experiencing disruption and another 38 per cent are h

This article was originally published on November 15, 2018.