On the second day of Cards and Payments Asia, we had the pleasure of hearing Anil Kishora talk about how businesses should align their objectives in the wake of the new business environment. Mr Kishora is the CEO of the Singapore arm of the State Bank of India. He opened the session by giving an anecdote of what a Singaporean Taxi Driver commented to him about a thin lady walking down the road.
"Big wind come, blow away already"
Mr Kishora stated that this comment made in colloquial Singlish is applicable to the payments industry today. The industry today is subject to numerous technological changes which are occurring at such a fast pace that businesses now cannot afford to take a laid back approach to innovation and development. For example, the recent leaps in technological improvements in Information and Technology meant that mobile applications and solutions are not only possible, they are demanded by the consumers.
Thus, Mr Kishora felt that businesses have to continually align or realign their strategies and their goals. This is to ensure that their customers, who ultimately should be the focal point of their goals, would benefit. This he felt, is the only way that companies can stay relevant in a fast moving and competitive payments industry.