Leader in tech, laggard in succession systems

It is difficult to reconcile the ultra-modern technology-driven banking sector with its poor record on customer service, including on the succession front

My friend Bhaskar, a Canadian of Indian origin, is the deputy head of a provincial banking regulator in that country. He worked as a banker in India in the nineties before migrating. Bhaskar was marvelling at the ease, the scale and low costs at which monetary transactions happen using the UPI (Unified Payments Interface).

I also briefed him about India’s unique account aggregator ecosystem and its huge impact on delivering loans to small businesses and individuals at unmatched speed and convenience. (Disclosure: I am governing council member designate of Sahamati, which drives open banking using the account aggregator system).