Ashish Agarwal is the senior group president as well as the chief risk officer of Yes Bank. According to him in an unsustainable world there can be no sustainable business developments. According to him, the business is changing rapidly in today’s world and thus, attaining sustainability is a challenge.
He further says the 3S – social, sustainable and scalable, which form the main theme of The Economic Times Global Business Summit, is not relevant anymore. He adds that all the three ‘S’s are highly interlinked and interdependent. He says that it is a challenge to find a way to implement the 3S in a world that lies on the edge of total chaos.
According to Agarwal, to learn from business experts while discussing the various fronts of this challenge is one way to get better ideas on the 3S and their feasibility. Businesses can go on running forward, scaling higher and higher, without considering its effect on the society. This might cause instability in the system. According to Ashish Agarwal, only scaling will not help, the fact that it is adding no jobs in the process is worrying him to a great extent.
He further says that, going forward without assessing and harnessing all kinds of information might lead to the death of a society. Agarwal suggested that leading banks, all over the world should drift towards various platform companies. The banks should also work along with alliances and partners. Yes Bank has already managed to do so and Agarwal strongly recommends the other banks to follow the lead.
Agarwal added that the main motif should be “building scalable and sociable businesses that are also sustainable” and truly the world needs to understand the depth.