In Brief: Shunya One Ep. 20

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This week we are joined by Aditya Mishra, Founder and CEO at SwitchMe. The conversation covers entrepreneur-networking groups, the challenges in the banking and finance sector with technology and innovation and what led him to his venture in the home-loans space.

Aditya explained the misuse of the buzzword "disruption" that is often used when corporates invest in startups: 

I think disruption is a word that gets thrown around a lot and it means different things to different people and different people react differently to it. I think it’s exciting for a bunch of people who are entrepreneurs and say, hey we are out to disrupt. That gets them excited that gets them going. And its hugely motivating. I think that’s good. For a bunch of corporates who’ve not been looking at it they react with fear, that my business is going away. And a) it either forces them to work with such startups or do something of their own. I think that’s also good. Then there are a bunch of people I think the smarter kind, they think: that in the end what difference does it make to my customer?

He also spoke about the challenges faced by the banking sector with technology and innovation:

I was selling to banks and I could see that banks couldn’t innovate even if their life depended on it. Why’s that? They would essentially look at the business leaders coming up with the new ideas or they will say okay let the tech guys come up with the new ideas. First of all most bank tech people are not deep tech people. They actually turn to a TCS or an Infosys for help on that. Second is that the tech is not out there is not looking at what the customer is doing, it’s the branch which is doing that. Between the tech and branch there is a central processing centre then you’ve got your operations leadership and then comes the tech. So tech essentially treats the operations leadership as its customer, or the business function leaders as its leaders. Now these guys are not in the market. If you are not studying your customer, if you are not trying to understand the needs how are you going to innovate?