In the 6th SBI Banking & Economics Conclave, CNBC-TV18’s Latha Venkatesh is moderating a panel on customer behaviour in the knowledge economy. DK Khara, MD-Global Banking & Subsidiaries at SBI; Pulak Ghosh, Professor-Big Data and Analytics at IIM Bengaluru; Dhiraj Rajaram, Chairman and CEO of Mu Sigma, and Piyush Singh, Accenture’s financial services lead for Asia-Pacific and Africa shared their views and outlook.

“We still are in a world where the fintech or the advent of the fintech is only playing in customer acquisition. Market share is still sitting with the banks. The reality is still that. Optimisation of capital is a competency that has not been coded into technology yet. We have to use data much more efficiently to get better capital optimisation. There will be an emergence of core manufacturing banking sector, a consumer manufacturing banking sector that is going to emerge in times to come,” said Singh.

“Banks will have to make choices whether they want to be core manufacturer or they want to be consumer manufacturer or some – of the scale of the State Bank of India (SBI) – will have to play in both,” he added.

“The challenge today is that if we wanted to store all possible useful data for ourselves - we have run out of physical data storage, despite Google’s amazing availability to keep scaling that up for us - so the question is now going to be about becoming intelligent about finding the data that you think you can usefully use, not whether it is useful,” Singh said.

First Published:Sept 6, 2019 2:20 PM IST