Being digital and data-driven is imperative, Arundhati Bhattacharya, CEO of Salesforce India and former chairperson of State Bank of India, said at the Global Fintech Fest on Thursday. "Data is very empowering because it gives you lot more insights and as it gives you more insight, it ensure that you have better risk management, it opens up more market segments for you, it tells you how to get more done with less effort, which of the leads are genuine and that are just noise," she said. "It gives you power to do more with less," she continued. If companies do not adapt to it, it will hurt them, Bhattacharya said. 'OCEN is a game changer' Bhattacharya called Nandan Nilekani-led Open Credit-Enablement Network (OCEN), a system of micro-lending that he had announced on Wednesday, a "game changer". She also revealed that she had given her inputs to the creation of OCEN, which "connects the giver and the taker in a very efficient way to the benefit of both". “Access is the game changer,” she said. Bhattacharya also revealed that the bank has 120 million genuine accounts with ₹38,000 crore deposits in SBI. The average balance in these accounts is ₹2,449. People have become eligible for an overdraft of ₹21 lakh. This means that even to people who are considered savers, “we have the ability to lend them up to ₹21 lakh,” she said. “Now that you can identify individuals on the basis of their Aadhaar database,” it becomes easier "to ensure…
