BANCON SIDELIGHTS: SPIRITUALITY AND BANKING

It is now becoming the norm to have a lecture on de-stressing or coping with personal challenges at various industry conclaves. So, the IBA and IOB that are organising the bankers' conference decided to have a lecture on ‘Spirituality and Management' by Prof Kitu Reddy, Shree Auro Ashram, Pondicherry at the start of day 2. Prof Reddy urged bankers to first manage themselves before seeking to manage others.

Here are his mantras for them:

Ø  Fix an aim in life

Ø  Become aware

Ø  Learn to shift levels of consciousness

Ø  Integration of being Right Attitude

Ø  Practise meditation

Ø  Gen Next just won't budge!

It is not that easy to capture opportunities in India's Generation Next. While addressing one of the breakout sessions on the subject, Mr Ashwani Kumar, Executive Director, Corporation Bank talked about his experience in trying to get his two children (working with MNCs) to shift their bank accounts to his bank. Neither loyalty, nor authority, nor dependence nor any other ‘card', could make them shift. He admitted a bit ruefully that it was difficult to ‘acquire Gen-Next customers'. Public sector banks know what they are up against.

Challenges of serving Gen-Next

There have always been Gen Next in every decade. There was a Gen Next in 1980s, 1990s, 2000s... and so on. So what makes this Gen Next different? As Mr R. Ramachandran, CMD of Andhra Bank, put it, this Gen Next was like Indian cricket captain, M.S. Dhoni — ‘game changer'. There are over 500 million young customers who will be in the market wanting banking services — and wanting to be served through alternate channels — and accessing services without having the patience of the earlier generation. Instant service is the name of the game. Citing an example, another speaker pointed out how it would take 10 minutes for computers to log on a few years ago. This has now changed to instant log-on (at least with Apple machines). This also meant that banks must take their services to Gen Next rather than expect Gen Next to come to the bank, he said.

SOURCE: http://www.thehindubusinessline.com/industry-and-economy/banking/article2604086.ece