 "Amitabh Chaudhry, MD & CEO of Axis Bank; Zarin Daruwala, CEO - India, Standard Chartered Bank; Ashu Khullar, CEO of Citibank India; Hitendra Dave, CEO of HSBC India; Rakesh Sharma, MD, CEO of IDBI Bank; and V Vaidyanathan, MD & CEO of IDFC First Bank")
Technology is important in banking but not to the extent of turning banks into technology companies. Banks take deposits from customers and work on the foundation of trust. Differing approaches to risk management and compliance may determine the extent to which technology influences banking, according to the chiefs of some of India’s largest private and foreign banks. At the ‘Business Standard’ BFSI Insight Summit 2023 held in Mumbai, they shared their views during a panel discussion on the theme ‘Do private banks need to become tech companies?’ Tamal Bandyopadhyay, the newspaper’s consulting editor, moderated the discussion. Edited excerpts:
The participants
