Face off

Barbarians at the gate

Banks must learn to compete with dozens of nimble, focused and ruthless fintech and payments startups out to disrupt them. Using data

castle-Illustration.jpg

Something rather unprecedented happened at the Nasscom India Leadership Forum 2017 in Mumbai, on 17 February 2017. Aditya Puri, who has been leading HDFC Bank, India’s largest private sector bank, for nearly a third of his life, said: “Wallets have no future.” New payment banks were making chicken curry without any chicken in it, said the 66-year-old Puri. The chickens he was referring to are the customers. “You get me the chicken and then I’ll tell you how much competition they [payment banks] will be,” he said…

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