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Impact of technology the most in financial services industry, says Sanjiv Bajaj

Panaji: While banking and insurance are the most regulated industries in the world, the two industries witnessed the maximum changes in recent years due to technology, said Sanjiv Bajaj, managing director and chief executive officer, Bajaj Finserve Ltd.

Bajaj who is a fourth generation entrepreneur from one of the oldest Indian business families, said that banking and financial services sectors is completely transformed now from what it was in the

past.

“Banks were simple brick-and-motor institutions in the past and they provided the same level of service. But today the power of the branch is reduced. Customers do not go to the bank as often but their interaction with the banker is increased due to technology,” said Bajaj.

The industrialist who is universally acknowledged for being one of the most successful in the financial service sector, said that, banks and financial services companies are giving personalized experiences to customers these days which is a drastic change from the past when services were charged and even a new cheque book was issued after charging a fee.

Bajaj spoke on, Age of Disruption, at the third edition of the Thought Leadership Conclave, organised by CII Young Indians- Goa.

Delivering the key-note address, he said that, the world around is changing rapidly and so is financial services industry. “Smartphones coupled with cheap bandwidth and the availability of apps that are a combination of technology and data are the most disruptive influences. The combination of the three is driving the transformation,” he said.

Bajaj who is also the chairman, CII, western region, added that, consumer expectations are changing rapidly. Most things can be managed on the smartphone device. And companies are using smartphones to transact business with customers, he said.

The audience at the Thought Conclave comprised leading members of Goan industry, small unit owners and young entrepreneurs.

Speaking on his own companies, Bajaj, said, “While we have multiple companies in insurance and consumer finance sectors we work with one customer focus.”

Earlier during the event, Rohit Zantye, chair, CIIYi- Goa, gave the introductory speech and Tulsidas Pai, said that, the Thought Conclave being the flagship event of CII-Yi  gets leading industrialists talk of their experiences. Anirudh Dempo, co-chair, CII-Yi gave the vote of thanks at the end of the first session.

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