Indian techie debunks myths about digital banking impacting customer experiences

Head, Product & Technology at D2K Technologies, Siddharth Sudhakar is passionate about organisation development, innovating technology solutions and building domain intensive products in the banking and finance space. After completing schooling from Apeejay School, Nerul in Navi Mumbai, Sudhakar pursued his B Tech in Computer Science and Engineering and a minor in Management from Apeejay Stya University, Gururam. 

The Apeejay alumnus has consulted for startups on building their business models and technology MVPs (minimum viable products). In addition, he has worked with social impact organisations in the health and sanitation space and built their tech platforms. Thereafter, he began consulting with D2K Technologies on building new technology teams in mobile app development and analytics. At D2K, he has played various roles like Lead-Data Science, Head – Strategic Initiatives, CEO- Innovation Labs and so on. Also, he had a chance to work as an intrapreneur within the organisation to collaborate and build new departments, initiate new processes, transform work culture, etc. During COVID, Sudhakar had helped form a RED team that transformed the organisation within 24 hours into a 100% remote workplace with the right systems and new processes in place. The immensely talented personality started his own for-profit social enterprise ‘KisaanSe’. Read edited excerpts of the interview:

Please tell us about your role in D2K technologies?

After my graduation, I joined D2K Technologies to work on building products within the organisation and working on building AI and ML capabilities across the organisation. As an intrapreneur in the organisation, I started taking an interest working collaboratively with various departments and helped start an in-house creative team and legal department. This helped the organisation improve UI/UX of their products and revamp their digital creatives for marketing and branding. Also with the legal team we improved legal controls, paved the way for strategic contracts and helped file patents for the organisation in a cost effective manner. My work with the HR team resulted in building processes for alternative hiring of young talent and developing them through an accelerated mentorship journey through which we could build high performance teams. I became the Head of Products & Technology and also helped in the organisation transformation in terms of setting in place IT platforms and revamping the project management practices to reduce costs and timelines by 50%. I played an active role in developing capabilities in automation testing, data science, machine learning, artificial intelligence, mobile development, cloud, NoSQL data stores and introducing oracle. I also lead the strategic initiatives where we work together with leading organizations including one of the Big4. Through my current journey with the organisation I have helped grow from 4 products to 25 products. I currently lead all Technology and Product development. I have also helped the organisation grow to acquire foreign banks, leading public sector banks, private sector banks, small finance banks and NBFCs as clients. Today 6 out of the top 10 banks in the country are our clients. So far, it has been a journey filled with learning, mentorship and growth.

What could be two next-gen challenges in Banking and Finance?

I believe that the ability for financial institutions to build relationships with retail customers and loyalty, may become a larger challenge with digital faceless banking channels on the rise. This would mean having to build not just pure digital first mediums, but inclusive phygital mediums of interactions with end customers, especially for those who do not yet have credit scores and also will require platforms to not just compete on transactional loyalty of customers through discounts but through truly value added financial services that help the customer at each stage of their life.

Another challenge I believe would be for banks and financial institutions to innovate lending and financial models that could work on various mediums like the innovations in de-fi on blockchain and building production credit rather than pure consumption credit models. This would be the way to grow the economy, build economic wealth for customers and also eventually grow credit consumption capacities. It may mean exploring how the current “rural lending” practices can move to focus lending towards improving production, rural to urban infrastructure, alternative lending, P2P, micro lending & insurance around gig worker economy and developing environmentally socially responsible credit flow.

What according to you are three myths of digital banking that can impact customer experience?

Lack of financial and digital literacy leads to some common myths like:

1. Digital banking is not secure and can result in anyone dipping into your account. This is not true and as long as you ensure that you follow the guidelines given by the bank, use secure passwords and maintain secrecy for details like PINs, etc. you will have a secure experience. 

2. Don’t use apps by NBFCs  or fintechs is also a common myth. Whereas these are some of the spaces where you may get credit more easily as they are in tune with faster customer journeys for timely loans, provide credit where other banks may not and although their interest rate may definitely be higher than banks, you would need to evaluate the need for the loan and your ability to repay.

3. Don’t use mobile banking mechanisms as it is not as secure as internet banking is another myth. Whereas it has now become one of the most pervasive and has many secure channels like UPI,etc., which offer more ease and security for transactions.

Do you think digital banking apps for kids have potential? Why?

Yes, children today are very aware of money, digital mediums like UPI and also how to transact online. This means that there is a need for apps and platforms of digital banking that are safe for children to transact and also learn financial literacy. Hence I believe there is potential in such platforms. Also, a growing number of young adults are choosing to become financially independent and finance their higher education. That’s why such platforms could build the base for children to embark on this journey.

You were also the founder of Microsoft Data Science User Group Delhi-NCR? Why do you think knowledge of Data Science is of key importance currently?

Data science is pervasive and present in every field and sector today. It is enabling credit decisions more inclusively through the use of alternative data and hence, the rise of the fintech and NBFC ecosystem where swifter  underwriting and loan sanctioning is possible.

Knowledge of data science will help any individual in any area to gauge their customers, understand the efficiency and gaps in processes and also develop out-of-the-box solutions to legacy business processes.

It has led to game changing start-ups and companies disrupting markets and sectors through their strength in data science applications. Hence, I feel it has become somewhat of a necessity.

You are also the founder of a social enterprise and platform ‘Kisaanse’. How do you juggle between both the responsibilities?

I am deeply passionate about ‘Kisaanse’ and the cause. We are a platform that helps provide customers an e-commerce experience to help them buy high quality and natural products directly from farmers through our farm-to-fork model. I am grateful that I have a highly driven team of members who are equally passionate, who lead the operations and platform development as part of the collective vision. I am grateful to have a great team who make it possible for me to take on this journey in parallel to my role with D2K. For me personally, it is a matter of managing my time and responsibilities by ensuring that we progress each day and week. Sometimes it’s okay after you look back, that you realise what a journey we have covered, and so it has been with Kisaanse.

What has been your mantra of success to execute such key roles?

My mantra for success is to ensure time for personal care, work hard, be humble, mentor, and grow the people around me, take risks and through it all believe in the journey you are on.

What are the life skills you learned at Apeejay?

Apeejay taught me that learning can come in any form and from any place. I was able to explore different disciplines, which taught me to appreciate the power of cross collaboration. Also, I believe I learnt to work hard, be self-driven and pave my own way.