Building an experience economy: The East’s next opportunity

Eastern India is entering a new phase of transformation. Across industry, infrastructure, enterprise and services, digital technology is becoming an increasingly important layer of growth, changing how businesses operate, how institutions deliver services and how consumers engage with the economy.

At the centre of this shift is a more connected and digitally empowered consumer. The rapid adoption of UPI, e-commerce, smartphones and digital public infrastructure has changed everyday behaviour and raised expectations for services that are simple, seamless, fast and accessible. A frictionless payment, an instant digital service or a personalised online interaction in one sector increasingly sets the benchmark for another.

This is creating an experience economy, one in which businesses compete not only on what they offer, but on how intelligently and intuitively they deliver it.

The implications are particularly significant for banking and financial services. Banking has moved rapidly from being centred on physical touchpoints to an ecosystem spanning mobile apps, digital payments, online services, branches and assisted channels. As one of India’s leading private sector banks, HDFC Bank has been part of this evolving financial landscape as technology continues to reshape how customers interact with financial services.

India’s vibrant fintech ecosystem is accelerating this shift. Artificial intelligence, data analytics, automation and increasingly sophisticated digital platforms are creating opportunities to make financial journeys faster, more personalised and more responsive. Technology alone, however, does not create a great customer experience. The larger opportunity lies in using it to understand customer needs better, remove friction and build digital journeys that remain intuitive, inclusive and secure.

For Eastern India, this opportunity is especially significant. As digital adoption expands across cities, towns and emerging economic centres, businesses and institutions have an opportunity to reach new consumers, improve access to services and create experiences that work across different geographies, income groups and levels of digital familiarity.

The next phase will therefore be about making the entire banking ecosystem even more intelligent and seamless. Technology and data can enable customers to move effortlessly between digital journeys, branches, relationship managers and assisted services, with context carried across each interaction. The aim is to give customers greater choice while ensuring that every touchpoint feels connected, relevant and increasingly personalised.

Trust will become even more important as digital interactions grow. Cybersecurity, data protection, reliability and responsible use of emerging technologies will increasingly determine whether consumers embrace the next generation of digital services.

At the News18 Rising Bharat Summit - East Edition, Anjani Rathor, Group Head - Digital Banking, Customer Experience, Data & Process Excellence, HDFC Bank, will bring the BFSI perspective to this evolving landscape, exploring how digital banking, data and customer experience can come together to build secure, seamless and trusted experiences at scale.

The conversation will offer insights into how technology is changing consumer expectations, how businesses can respond to an increasingly digital customer and what the East can do to participate in the next chapter of India’s digital economy.

Join us at the News18 Rising Bharat Summit - East Edition in Kolkata on September 12, as leaders from government, business and society explore the ideas shaping the East’s future.