Disruption Is The Only Constant, Says Mritunjay Mahapatra
“Change when comes with great velocity is defined as disruption," said Mrityunjay Mahapatra
“Change is said to be the only constant, but now we believe that disruption is the only constant,” said Mritunjay Mahapatra, DMD-digital business and new business, SBI. “Change when comes with great velocity is defined as disruption. In the digital age, old and comfortable business models and processes are disrupted and this spurs innovation and new products. Today, societal governance has been impacted and now we are looking at the enterprise,” continued Mahapatra while speaking at the second edition of the BFSI CXO Summit organized by BW Businessworld.
Mrityunjay Mahapatra gave a special presentation in discussing the importance of new age banking and solutions. In the past decade, all industries including public sector, health, oil & gas, retail banking, retail distribution, telecoms, media, and tourism have been effected fundamentally because of digital disruption with varying speed and scope.
“The main challenge after the availability of the infrastructure and ecosystem is to whiteboard yourself. At SBI we are investing in analytics, cloud and digitization and we came up with our platform called YONO (You Only Need Once). The application fulfills a customer's need for banking, booking tickets, bill payments and a lot more. As a strategy, we now provide facilities in banking and lifestyle through an application. Credit and lending are flow-based while solving a customer's need is the origin,” said Mahapatra while discussing the digitally renewed organizational culture.
Mahapatra stressed on the importance of driving user experience through APIs. “The new age culture (digital) encourages businesses to experiment, develop channels which are customer-centric. Fintechs are collaborating with banks to understand technology and customer demands simultaneously. The services can be driven through APIs to provide the right user experience,” said Mahapatra.
"The evolution of businesses with the advent of the digital culture has resulted in market disruption and open banking is the way to move forward," opined Mahapatra as he concluded his presentation at the 2nd edition of the BW Businessworld BFSI CXO Summit hosted at the Grand Hyatt, Mumbai.