National Australia Bank (NAB), which has a market capitalisation of around $106 billion, is keeping an eye on the Indian fintech market innovations.
Patrick Wright, Group Executive – Technology and Enterprise Operations for NAB, was in Gurugram, India, for the opening of a new development and innovation centre at DLF Down Town.
Wright told ET that NAB is interested in implementing Indian innovations to the other markets and observed that there are certain aspects where India is ahead and others where Australia leads in banking.
He added:
“Cyber security, lending services, financial crime, application development, there is a list of capabilities which we are putting here.”
Wright further observed that NAB’s idea is to find points where the best of both Australia and India can be brought together.
“We have a venture (investment) team but nothing has been done as yet (in India). We do not comment on our venture investments…but what I can say is that if we make investments (it will be) in companies which align with what we do.”
NAB, which set up its first physical centre back in 2022, has 3000 jobs outsourced to third-party vendors globally. Now their focus will be to in-source these jobs across India and Vietnam.
Wright is confident that this additional workforce will help reduce NAB’s dependence on external vendors and build technology teams in-house.
Two other Australian banks, ANZ and Macquarie have 8000 and 1800 people respectively already working in their India offices.
ANZ’s Bangalore office handles the processing of mortgage applications and preparing reports for Australian regulators. While, Macquarie’s Gurugram and Mumbai offices look at finance, risk, technology, equities and asset management.
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