Adapt, upskill, reskill — because it is never again going to be business as usual. This was the dominant message from industry leaders during a panel discussion on “New Challenges for India Inc in a Post-Pandemic Era”.

       Whether it was about understanding the changed needs of consumers or about traditional banks taking on the challenge presented by financial technology (fintech) firms or about evolving as a technology behemoth, what emerged was that the pandemic has hastened the changes that would have otherwise taken some five years or, perhaps, even more, said the chief executive officers (CEOs).

       The India Inc leaders, winners of the Business Standard Awards: Celebrating Excellence, were speaking at the 22nd edition of the awards held online for the second time in a row due to the pandemic.

       “The world has changed much faster because of multiple reasons – the pandemic, impact of climate change and economic fluctuations, implications of green economy, technology, cryptocurrency, new ways of communication…” said KBS Anand, former MD & CEO, Asian Paints and CEO of the Year. “So, as a company, we have to be far more agile and adaptive.”

       Also changing at a phenomenal rate is the consumer, added Anand. The pandemic, he added, has impacted different sections of society differently. “So, companies need to understand these different needs of their customers,” he said. “Knowing today what your consumer will want tomorrow is critical to ensure your success.”

       The one sector that has seen a massive transformation in customers’ approach is banking. There have been debates on whether with the rise of fintechs, traditional banks are – or will be – dead.

       “We should not write their (traditional banks’) obituary so soon,” said Shyam Srinivasan, MD & CEO, Federal Bank, who was adjudged Banker of the Year. The emergence of the fintech ecosystem is only forcing banks to become many times better, he said. “Fintecs are challenging us to become agile, swift and nimble.” And, the Indian regulatory system is enabling both (traditional banks and fintechs) to coexist, Srinivasan said.

       “I am convinced that this is not an ‘either/or’ game; this is a clear ‘and’ game, and those who partner better will win. Fintech can create new markets. Banking architecture will stay and flourish in this ecosystem. Both are symbiotic,” Srinivasan said.

       There are challenges, though, one among which is getting the gig economy into the banking system. This is the new cast of workforce that is happy to work for six months and then have no work for the next six. “How do banks evaluate their credit? This will also be enabled by technology,” he said. “The next 10 years will be quite different from what we have been doing.”

       On the matter of industrial groups entering the banking system, he said at this point the regulators are clear that there is no scope for this. That said, if the corporate entity is bringing “capital and capability, then welcome,” Srinivasan said, adding that the bottom line is that “the country needs capital, financial and intellectual.”

       Also, would crypto change the way we bank? “I don’t see crypto becoming a fiat currency in many parts of the world in a hurry,” Srinivasan said. “As a technology and alternative investment class or commodity class, crypto will become prominent.”

       Speaking of technology, it is this that sustained work and life during the pandemic, as the definition of normal constantly shifted – from “normal circumstances” to “new normal”, to “next normal” and now to “no normal,” said C Vijayakumar, MD & CEO, HCL Technologies, which was adjudged Company of the Year.

       “Two years ago, when I was with the World Economic Forum, the debate was will automation rob people of their jobs. But fast forward three years and talent (crunch) is the new big challenge… it is what the tech industry is focused on in the post-pandemic world,” Vijayakumar said, emphasising that lifelong learning has assumed critical significance with the mantra being: Learn, unlearn, relearn. The talent situation, he added, is not going to be addressed by one company hiring from another. “In the end, that’s a zero sum game.” So the company is, besides keeping its 190,000-odd people up to speed with technology, also onboarding people right after Class 12 and training them while also helping them finish their education.

       Among the other changes witnessed were the way people view consumer durables, said Vishal Bhola, MD, Whirlpool of India (adjudged Star MNC). “With the work from home culture, there has been a marked change in the way people are looking at consumer durables,” Bhola said, adding that what used to be called “discretionary purchase” has now become a necessity.

       Sanjeev Kumar, MD, Gujarat Gas (Star PSU), which increased its capex by almost 40 per cent last year after an initial drop in volumes, spoke of challenges in terms of volatility in prices. Prices of coal have shot up, as have oil prices, he said. “LNG prices have increased from $6/MMBtu to almost $36/MMBtu,” Kumar said, adding, “There is so much volatility in the market and the present prices are not sustainable in the long run.”

       Adding a note of hope to the small and medium-sized enterprises (SMEs) sector that took a big pandemic hit, Yogesh Kothari, CMD, Alkyl Amines Chemicals (Star SME), said, “Initially, the situation was quite bad (as labour left for their villages) but the companies, those in organised areas, started making sure they provided good services to get the labour back. In the end, it has turned out okay.”