Chief Minister, culture & cohesive focus on Innovation

The post lunch session had a peppy start thanks to the fast-paced, thought-provoking AV by Mr Erik Roth, McKinsey & Co, who drew a few laughs and in his own inimitable style posed this question to the audience: How do large Companies innovate? 80% executives agree that their business models are at risk. When there is no natural incentive for innovation, then Companies struggle to innovate.  Profitable innovation is not an accident. Quoting Edison he reinforced, “Genius is 1% inspiration, 99% perspiration” and continued with recent innovations like a cat-shaped mouse that was used before the mouse became omnipresent. Innovation has different rules; real breakthroughs are low cost. Constraint breeds creativity. New customer segments are the best to find new insight. These are some of the nuggets he shared with the audience. 

 

One of the speakers narrated his online experience with amazon.com and how the corporate is able to attract browsers and turn them into buyers. Banking is necessary, banks are not. Dr S B Majumdar, Chancellor, Symbiosis, said speed, scale and sustainability are essential for innovation. Drawing from his personal experience he said how even tables in a bank could intimidate the marginalized, tribals or those who have never seen bank interiors. To make them feel at home, he was advised to place bidis in a corner, wear simple clothing and talk their language.

Hon’ble Chief Minister, Mr Prithviraj Chavan, made a dignified entry and took a trip down memory lane – globally reprimanded on nationalization of PSBs. Banking will play an important role in legislating the Right to Credit. Our natural resources can’t make us rich, dams need to be upstreamed, ExpertSystems developed to further hone technological innovations and migration should be addressed.

Mr Sasi Sunkara, McKinsey mentioned PSUs have been more prevalent at the cost of co-operative banks. Polarisation of rural masses exemplifies affluence. Banks should modify strategy to suit opportunity cannot merely downsize an urban model. 

Mr Mathew Titus, Executive Director, Sa-Dhan, opined that India should have been more urbanized, China has overtaken us. Ms Archana Bhargava, Executive Director, Canara Bank, explained how life in villages was self-sufficent, but not anymore. Banks should undertake financial literacy. Mr R Shridhar, MD & CEO, Shriram Capital, elaborated on the perspective of first time truck drivers applying for a loan; without having anything to offer as collateral or security; repaying loans in instalments. A member of the audience, Arun Kaushik, Birla Sun Life, put forth his view that sharing resources like co-branding ATMs, will reduce costs.

To refresh after a grueling day, the delegates were treated to an engaging entertainment programme by the famous Gandharva troupe that performed several dances. Beginning with invoking not just Ganesha but also his wives Riddhi-Siddhi, followed by a song-and-story combo of the Kolis (fisherfolk), depicting their travails at sea and another in which bulls are worshipped to thank them for their contribution in ploughing the soil. This was followed by contestants of a popular television musical, Sa Re Ga Ma Pa, regaling the audience with foot-tapping numbers. The first performer, a banking student introduced herself as Pune-chi-mulgi after she rendered a snazzy number from an evergreen Hindi movie.