MarTech: Our competition is not with other banks, but with e-comm: Deepak Oram, HDFC

The Martech Head of HDFC India spoke on ‘Decade of individualization in financial services’

e4m by exchange4media Staff
Updated: Aug 26, 2019 8:24 AM

At the first edition of exchange4media MarTech Conference and Expo held in Gurguram on Friday, Deepak Oram, Martech Head, HDFC India, spoke on ‘Decade of individualization in financial services’.

During his session, he stressed upon the fact that banking industry has the biggest data on consumers, and with that, a lot of changes can be done in the financial category over the next decade. He also shed light on how HDFC plans to change the traditional norms and adapt new methods to have a better relation with their consumers.

Oram started the session saying, “The problem with the bank is that there’s a lot of data. Banks have more data compared to any other industry. Transaction footprint of the customers will help us fight with e-commerce players in the next decade. Our competition is not with any other bank, it is with e-commerce and Google. Location data is available to a bank very easily, and with messaging, it becomes more engaging. Crunching all the data and triggering the message to you involves analytics, data science and campaign automation.”

Citing an example, he said, “If in future, the bank wants to talk about saving money, the customer insight generated from my data will be very important. This will enable me to be relevant to customers and serve them better.”

Advance analytics, Omni-channel automation and cloud, everything are very important factors to perform. The question is how to use advanced analytics? “When you have so much relevant data, you should put it together in one place and map consumer behaviour on transaction. I can use data science to look at the customer’s journey, can reach him easily and serve better,” he explained.

“In this new age, you need people to device technology. Reaching to customer is what matters, because speed and reach will get you the customer attention and help you compete with the competition. And this can be achieved through campaign automation,” said Oram.

Speaking further, he said, “As a marketing technology person in a bank, it’s my job to get into pluming data and see the impact. All this deep drive is very important.”

“Traditional sectors such as bank, retail, insurance, telecom and offlline should not use coding method. In this age, you need to adapt quickly, especially if you’re a bank and you need to compete with others and disruptors. If you don’t use this, then you’re losing the revenue,” Oram said.

“Implemental changes are better than evolutionary changes, micro-innovations drive the needle towards improvement in customer experience. Innovation never happens sitting with the team, it only happens when you go out and talk to the people around and convince them,” he opined.

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