Anup Bagchi on technology's role in communication | Outlook Money Digital Dialogues
Anup Bagchi, Managing Director and CEO, ICICI Securities speaks on the role of technology in solving the communication gap between the customer and the organization. Outlook Money Digital Dialogues, March 2015.
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Transcript
00:00 How do you make sure that you know all the value that we create in an organization is
00:13 communicated well, delivered well and most importantly understood well because it is
00:19 not about delivery.
00:20 You see like you all know in our communication it is not whose responsibility is it to ensure
00:26 that what we have communicated has got delivered.
00:28 It is the responsibility of the communicator.
00:31 It is never the responsibility of the person who hears what he has understood.
00:37 If he has not understood it is our job, our duty and anyway our loss.
00:42 Okay, if the person has not understood.
00:44 I feel that you know technology plays a very important role you know in making sure that
00:52 the client is handled, you know there is enough reporting and reassurance and that the self-service
01:00 is made very easy and the communication is continuous so that he feels reassured and
01:08 he doesn't feel the need of generally searching around and is able to you know lead his financial
01:15 part of his life which frankly is not at the top most of his mind.
01:20 He has many other things to do in life.
01:22 You know he is engaged and if he is engaged you know generally his persistency with the
01:30 service providers you know will be very very long.
01:35 From a customer's angle he also feels that the way you know the service providers must
01:43 treat me.
01:45 You know in financial services there are two things you know through my experience.
01:50 First of all peace of mind is a big product.
01:57 I want to just repeat that peace of mind is a big product.
02:01 It is not the product.
02:02 It is the peace of mind.
02:04 So what does peace of mind?
02:05 For example, you know in the digital space you do a you know debit card transaction,
02:10 you do an ATM transaction.
02:13 You know you got an SMS.
02:14 It is a reassurance.
02:15 If there is a fraud you will get a SMS.
02:20 It is an assurance.
02:22 You don't have to wait to update your passbook after one year to figure out that somebody
02:25 has debited and you know frauds have happened on your dormant account or something like
02:29 that.
02:30 First.
02:31 Second is you know if you look at the whole issue about tracking.
02:38 Once you do a digital transaction there is a digital footprint.
02:44 You know now the digital footprint gives you a great level of assurance.
02:49 When have you done the transaction?
02:51 When has the bank got debited?
02:53 You know when are you going to get money or when is it going to get debited?
02:58 When you have redeemed?
02:59 When is the money going to come?
03:01 You know this whole fact that I am in control of the situation and that there is a digital
03:08 footprint of what I have done over a period of time is a great reassurance.
03:14 [Music]