Innovation does not always mean inventing something entirely new; sometimes it involves adapting existing technologies to meet specific needs or cultures. The quote highlights how India made a significant contribution to the widespread adoption of ATMs by customizing them for its diverse population. By enabling the machines to communicate in multiple regional languages, the technology became accessible and useful for people who might otherwise have found it daunting or unnecessary.
The deeper meaning of this statement is that true innovation often lies in understanding and addressing local contexts and needs rather than simply replicating global standards without customization. In India's case, the challenge was not just technological but cultural—ensuring that a complex financial tool like an ATM could be used comfortably by those with varying levels of education and linguistic diversity. By overcoming this barrier, millions more people were able to engage confidently in banking transactions, leading to increased financial inclusion and economic activity.
Chanda Kochhar is the former managing director and CEO of ICICI Bank, one of India's largest private sector banks. She has been instrumental in promoting financial services that cater to a broad spectrum of customers, including those from rural areas. Her insights reflect her experience in adapting large-scale banking solutions for diverse populations, making significant contributions to the growth and accessibility of financial services in India.
