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It is an object lesson on how incumbents in many industries can respond to the digital disruption that is staring at them!
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untold story of the making of India’s most valuable bank.
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The key lesson from the HDFC Bank story is that freedom for professional managers, non-interference by the board and the promoter and a passion for success are more important than ownership.
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He wasn’t about to accept the fact that the world class bank he’d built would just disappear. He was not one to rest on his laurels while that happened.
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Senior executives didn’t have a choice—either they could be a part of the transformation or they’d have to exit.
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Everyone was given targets, focussing on four aspects: Reduce the turnaround time and ensure their products were the best in the industry; Change the credit and risk management processes for greater efficiency; Revolutionize the marketing procedures for a frictionless experience for customers; And, learn and apply artificial intelligence to the huge amount of data at the bank’s disposal.
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Checking the balance is a global phenomenon. Bankers across the world try to simplify the process. This was the first item on the team’s agenda.
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Partnering with start-ups has always been part of the digital strategy.
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If the Startup Village could have so much talent, there must be plenty more across India was the rationale. This idea led to the birth of digital innovation summits in February 2016.
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For Aditya, it has always been about what customers are saying as much as what his staff tell him.
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customers and employees should be equally involved in the digital drive.
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The relentless focus has been on reduction of turnaround time for every activity.
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organised a series of town hall meetings across India to explain to employees the digital transformation and how they should be involved in the journey.
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From Chillr (which was discontinued on 30 August 2018) to digital innovation summits—this was the first phase of the digital journey. In the next chapter, we’ll look at the second stage.
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By November 2018, 75% of all loans against shares and mutual funds were digital.
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