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<ul><li><keyword id="1402053" type="General" weightage="20" keywordseo="ashok-vaswani" source="Orion">Ashok Vaswani</keyword> is a Stanford graduate who is also a CA, CS and did his Bachelors at Sydenham College of Commerce.</li><li>Vaswani worked with <keyword id="44473" type="General" weightage="20" keywordseo="citigroup" source="Orion">Citigroup</keyword> and more recently, at <keyword id="6386585" type="General" weightage="20" keywordseo="barclays" source="Orion">Barclays</keyword>, where he built and grew the business to a scale.</li><li>Vaswani is obsessed with technology but also focused on earning the trust of his consumers.</li><li><keyword id="45051" type="General" weightage="20" keywordseo="uday-kotak" source="Orion">Uday Kotak</keyword> has roped in an outsider given the extent of the transformation that <keyword id="46013" type="General" weightage="20" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword> will need in times to come when banks will have to fight for wallet share of consumers.<br /><br /></li></ul>Today, you don’t need to step into a bank to make payments, check your balance or even request for a cheque book. That is if you still use those booklets. Since your bank’s mobile app allows you to do all this and much more online, can there be more digitisation in banking? Well, the new CEO of Kotak Mahindra Bank Ashok Vaswani thinks that a lot more technology can be deployed in banks. As the CEO of Barclays Bank UK, Vaswani knows how the lives of consumers can transform with digitisation. He is also cognisant of the fact that a bank does not only cater to millennials or GenZ population. <br /><br />At Barclays, he had a team of tech experts to help consumers who were even in their 1990s such that they could learn not just digital banking but even chat with grandkids on Skype or Zoom. That is how the new CEO of Kotak Mahindra Bank thinks, given that his head and heart are in the right place. At a time when banks are struggling to keep consumers happy while maintaining high profit margins, Vaswani could well be the man who can plug the gaps. <br /><br />And, if there’s something he can talk about for hours, it is the technological transformation of financial services. Not only is he cognisant of the ease that digital banking brings, but also the risk that comes along with it. This generational shift at India’s fourth largest private bank in India clearly wants to up its game in the years to come by leveraging technology to transform not only its operations but also create new and better services for its customers. Imagine an AI Bot that actually tells consumers every month on how spending on eating out is much more than feasible or that average monthly savings are not good enough when you retire. <br /><br />Yes, Vaswani believes that is the next stage of banking as it can open up different ecosystems. In an interview a few years ago at the University of West England, Bristol, he said: “I would submit that a lot more digitisation can happen. Why would I not be able to tell you, you are earning so much, you are spending this much and you should be saving. Can you imagine, you spent so much money on Uber and that you should be careful?” There are so many aspects of digital transformation that limits are frankly only set in the mind. <br /><br />As the CEO of Barclays UK, he has not just built a lot of products for consumers but even their confidence in the bank and the banking system. It is a refreshing change to hear a CEO talk about confidence in the company and not just on margins. Vaswani has a proven track record spanning three and a half decades across the world’s leading banks. He was initially at Citigroup and more recently, at Barclays, where he built and grew the business to a scale. He brings with him significant executional experience with a high degree of compliance and industrial strength across corporate and consumer businesses.<br /><br />Vaswani was Chief Executive Officer of Barclays Bank, UK and subsequently CEO of their global consumer, private, corporate and payments businesses and Member of the group executive committee. Earlier, he was CEO Citigroup Asia Pacific and Member of the Citigroup Global Operating Management Committees. He also built and ran various country and regional businesses across geographies.<br /><br />What makes him interesting is that he has not only run global banks but has even been president of Pagaya Technologies, a US-Israeli AI fintech company. This kind of exposure makes him a much better candidate than any insider at Kotak Mahindra Bank. At last count, there were three top contenders for the job, but Uday Kotak has roped in an outsider given the extent of the transformation that the bank will need to undertake to remain relevant in the face of competition from other fintechs. Ashok is married to Veena and their daughter is working in the United States of America.<br /><br />It is interesting that Uday Kotak, first generation founder and promoter of Kotak Mahindra Bank, has brought in an outsider to run the bank. Organisations typically are wary of bringing in outsiders at top jobs mostly because of the friction that results from such hiring due to cultural fitment and acceptance of a known candidate. It is easier for the rank and file to accept an insider rather than an outsider but Uday Kotak has chosen to take the risky route. <br /><br />While in some unfortunate cases like Infosys, where Vishal Sikka did not fare too well when promoters stepped away in 2014, the experiment of outsiders has been rather successful at the Tata Group. When Ratan Tata took over the reins at the Tata Group, he brought in Kishor Chaukar who came from ICICI Securities to head Tata Industries. Ravi Kant came in from Philips India in 1999, and headed commercial vehicles for Tata Motors before becoming MD in 2005. In 1998, the then vice-chairman of Hindustan Lever (now known as Hindustan Unilever), moved to Tata Sons as executive director. <br /><br />Typically, Indian corporations bring in overseas talent when they believe that the requisite skills are not available in India. But given that India’s private banking sector has grown and flourished under the stewardship of homegrown talent, this shift is an interesting move by Uday Kotak, who clearly sees merit in Vaswani’s experience outside of India. No wonder Uday Kotak, Founder and Director, Kotak Mahindra Bank said: “I am proud that we bring a ‘Global Indian’ home to build Kotak and India of tomorrow.”<br /><br />Interestingly, Ashok Vaswani is a Bachelor of Commerce, Economics and Accountancy, from the Sydenham College of Commerce and Economics (Bombay University), CA from the Institute of Chartered Accountants of India, CS from the Institute of Company Secretaries of India and Executive Education from the Stanford University Graduate School of Business. Uday Kotak too is alumnus of Sydenham College and has a postgraduate degree in management studies in 1982 from Jamnalal Bajaj Institute of Management Studies.<br />

The CEO who believes that there’s a lot more to digitise at banks

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Reuters</span></p></div><p></p></div></div></p><ul class="summary-list"><li>Tim Throsby, head of Barclays' international division and investment bank, is leaving after little more than two years. </li><li>The bank outlined a broad swathe of management moves, was an explosive one for a company already grappling with activist revolt.</li></ul><p>Tim Throsby, head of Barclays' international division and investment bank, is leaving the UK bank after little more than two years. </p><p>The company's statement, which outlined a broad swathe of management moves, was an explosive one for a company aleady grappling with activist revolt. Throsby was brought in with great fanfare from bigger US rival JPMorgan in 2017. </p><p>Ashok Vaswani, who heads Barclays UK, "will take on a newly created role within the Group as Global Head of Consumer Banking &amp; Payments, reporting to Group CEO, Jes Staley," the company said.</p><p>Vaswani's role "oversees the execution of plans for the group's consumer banking and cards &amp; payments businesses in the UK and internationally." </p><p>Throsby left "as a consequence of the changes announced today," according to the firm.</p><p>Barclays CEO Jes Staley said in the statement: "We are grateful to Tim for his stewardship of Barclays International and BBPLC, and for his service to the Group more broadly. We wish him well for the future."</p><p>The other management changes included: </p><ul><li>"The Corporate &amp; Investment Bank will be managed as three distinct, though connected, units - Global Banking; Global Markets; and the Corporate Bank - all reporting directly to the Group CEO, Jes Staley."</li><li>"Global Banking will comprise Barclays' Advisory, DCM, and ECM businesses. It will be led by Joe<br />McGrath, the Global Head of Banking."</li><li>"Stephen Dainton, currently Global Head of Equities, will act as interim Global Head of Markets,<br />while Barclays conducts an internal and external search for a permanent appointee to this crucial<br />role."</li><li>"Alistair Currie will lead Barclays' Corporate Bank as Head of Corporate Banking."</li><li>"All three will report to Jes Staley, and join the Group Executive Committee, effective April 1, 2019."</li></ul><p>All of the moves are subject to regulatory approval, the company said. </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/everyday-phrases-smart-people-say-incorrectly-statute-2015-10">12 everyday phrases that you're probably saying incorrectly</a></h3>        <div>                    </div>    </div>

Barclays delivers a bombshell as investment-banking head Tim Throsby steps down

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Laurence Griffiths/Getty Images</span></p><p class="caption">The Barclays Premier League Cup.</p></div><p></p></div></div>Barclays customers will be able to use Apple Pay in early 2016, <a href="http://www.macrumors.com/2015/10/07/barclays-apple-pay-uk-early-2016/">MacRumors reports.</a></p><p>The British bank <a href="http://uk.businessinsider.com/barclays-promises-to-support-apple-pay-at-some-point-2015-7">promised to support</a> Apple Pay shortly after the service launched in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>, despite trying to counter it with the launch of three of its own new contactless payments devices.</p><p>Now the bank has finally given one of its customers a rough estimate of when Barclays customers will be able to start using Apple Pay. Barclays CEO of personal and corporate banking Ashok Vaswani sent a statement to customer Mike Jobson, who had been <a href="http://mikejobson.blogspot.co.uk/2015/10/barclays-apple-pay-next-year.html">chasing the bank</a> for news of Apple Pay support:</p><p style="padding-left: 30px;">We have signed up for ApplePay and will launch it very early in the New Year. We truly value your custom and hope that you continue to bank with us particularly since we are launching this shortly.</p><p>Here are all the UK banks that <a href="https://support.apple.com/en-gb/HT204916">currently support</a> Apple Pay:</p><ul><li>American Express</li><li>Bank of Scotland</li><li>First Direct</li><li>Halifax</li><li>HSBC</li><li>Lloyds</li><li>M&amp;S Bank</li><li>MBNA</li><li>Nationwide Building Society</li><li>NatWest</li><li>Royal Bank of Scotland</li><li>Santander</li><li>Ulster Bank</li></ul><p>The contactless payment service was <a href="http://www.bbc.co.uk/news/business-33063748">previously constrained</a> to payments of just £20 ($30), but the UK Cards Association, an industrial card payment group, <a href="http://uk.businessinsider.com/apple-pay-transaction-raised-to-30-2015-9">recently </a><a href="http://uk.businessinsider.com/apple-pay-transaction-raised-to-30-2015-9">raised </a>the limit of contactless card payments to £30 ($46).</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/shade-balls-california-drought-shadeballs-los-angeles-2015-8">'Shade balls' are being used across California to combat the drought </a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="x1dm55djq96zgcI3eC5Fl7nCEzdjY2Hf" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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The CEO who believes that there’s a lot more to digitise at banks

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