Ace banker Uday Kotak, MD Kotak Mahindra Bank, has flagged concerns over privacy and security of the consumer across various sectors in the fast-growing digital world. Kotak compared the situation to James Bond movies.
“It reminds me of the many James Bond movies we would have seen over the time, where the devil really is a master of technology,” he said.
“As we go down this path of very quick adoption of digital technologies particularly from a consumer point of view, what is going to happen to privacy ?” Uday Kotak noted at an event here late last evening.
Thinking about the consumer particularly in the business of risk and trust, two extremely important points of the disruption are privacy and security, Uday Kotak said.
Uday Kotak said every time a consumer uses a popular map application, there is someone who has access to key data like where we are, what we are doing and life patterns of consumers.
“We are assuming it is safe because people out there will not misuse it. The whole issue of privacy and trust and security around the consumer is an important part of this,” Uday Kotak said.
Uday Kotak hinted that the onslaught of digital disruptions is also challenging the way banking is done.
“As a banker, when I sleep at night, I worry about whether I’ll have a bank next morning, will there be an Ali Bank or a Flipkart bank or some other bank doing business what we do,” he quipped.
