As a business person working in Digital and Technology for past 2 decades, I have realised that business leaders have a bit of mental block in managing technology. They typically ignore technology, until its all over the environment. By the time, they react, the market typically would have moved ahead and then they play catch-up for years to come.
In the first couple of years of my career, I was not involved in technology initiatives and I always thought “why do tech folks talk about SIT / UAT?”. “Why can’t any initiative go live immediately post coding?”
From that time to becoming CTO of a bank, it has been memorable journey and I have realised that despite tech being proven as business, every time I do a business discussion around technology ahead of the time, I get the same the feedback “You have started speaking like a Tech guy”.
Key areas, where banks have missed the business by underplaying technology are:
Internet Banking : Despite being there for past 2 decades, did not dramatically change the business dynamics.
Mobile Banking : Wallet happened as banks ignored Mobile Banking and used it an alternative to branches.
More in next set of blogs (Automation (ohh!) / UPI / IMPS / QR Code / AI & ML)