“Every business Is a digital business, But some just don’t know it yet”,
says Nitin Rakesh, CEO of Bangalore, India-based IT firm Mphasis, in this
Knowledge@Wharton Podcast.
He explores the change in retail banking/brokerage, insurance & real estate business…
Two of my friends reported recently
1. Retail Bank: ‘ I voluntarily downgraded by ‘premium’ category of wealth management with my bank to ‘cattle class, after a series of ordinary customer service experiences’. For eg., I wanted a simple statement for my IT returns, neither the call centers (both wealth management & cattle class), the RM and the branch were unable to “help”. He tapped into the his good-old-jugad, got the statement immeditely. ‘Suddenly I got multiple calls…, even from bankers who were not responding to my calls….’ says the friend.
2. Brokerage: When I asked my so-called ‘Relationship manager’ on the status of my PMS, she said, ‘I can help you with it. But you can look up online too….’
At this rate, the customer will embrace digital option, instead of facing the so called ‘relationship’ managers (not leaders, for sure). We stopped going to bank-teller counters long back…
– Leadership Vs managerial skills – ‘Leadership is timeless, not changed since times immemorial. Skills are same, time horizon has shrunk. Vision alignment’
– ‘Leadership is a contact sport’
– Management by vision, over & above MBO
Definition of Success: Every stakeholder should be able to experience the growth. Growth in four dimensions:
1. Consistent,
2. Differentiated,
3. Profitable, and
4. Inclusive
Listen to podcast:
https://itunes.apple.com/in/podcast/knowledge-wharton/id120724941?mt=2&i=1000390824562
