How does the Indian banking sector react to new technologies?
Private banks are taking good initiative in implementing the best technology in their banks. Yes, the other banks have an inertia problem. Is it because they are public sector organisations? It is not because they are public sector organisations but it is because of the attitude of the leadership. If the leaders believe that automation can improve their business, they will go for newer technologies. I believe that the CEO of a firm is fully responsible for whatever happens inside the company. For example, look at the way the Indian Railways switched over to new technology. You did not expect Indian Railways to do that, much ahead of banks. But the truth is, the railways could achieve what the banks could not. That is why I said it all depends on the top-level leaders. You have talked about the need to change the mindset of Indian software companies as they spend 80 per cent of their revenues on product development and 20 per cent on marketing the products unlike the Western companies.
