Nitin Bhandari is an accomplished leader in the financial services industry. He is a Senior Vice President (SVP) and Head of Payit Digital Wallet at First Abu Dhabi Bank (FAB). He has over 25 years of comprehensive global experience with a reputation for driving innovation and digital transformation at several banking and financial services firms. His role at FAB positions him at the forefront of the UAE’s digital financial services revolution, where he oversees the most prominent digital wallet in the region.
Nitin’s career journey has been notable for successive significant leadership roles in top financial institutions. Before his appointment at FAB in December 2022, he served as Group Chief Information Officer at Access Bank Plc in Nigeria, where he was instrumental in transforming the bank’s technology and enhancing its digital offerings. Previously, his experience as the Managing Director and Global Head of Digital Banking API and Open Ecosystem at Standard Chartered Bank solidified his ability to innovate banking solutions to suit the wide-ranging client base across global markets.
He is an alumnus of the Indian Institute of Technology, Varanasi, with a B.Tech. with Honors in Computer Science and Engineering. His educational background helped him develop sound analytical and strategic thinking skills. He has applied these skills throughout his career to support the growth and operational excellence of the digital ecosystem.
At Payit, Nitin oversees the digital ecosystem’s profitability, growth strategy and partnerships. His vision is to build experiences that enable people to better manage their spending, saving, and borrowing needs. Payit aims to transform how customers engage with their finances in an increasingly digital world.
Let’s delve deeper into his background and expertise.
His Journey in Digital Transformation and Financial Services
Nitin started his career in the telecom industry in 1996. “A mobile phone was an instrument of novelty in those days, and the Internet was almost non-existent! We have come a long way, where Telecoms, especially Mobile and the Internet, transformed the lives of Billions of people across the globe by eliminating information arbitrage and democratizing new business paradigms” says Nitin.
The intersection of Telecoms and Finance took societal transformation to the next trajectory, reshaping how people interact with their money and financial institutions. Thus, it has had a profound impact on society, from increasing financial inclusion to enhancing the economic stability of households.
Nitin was fortunate enough to be part of telecoms’ evolutionary journey. He contributed to and witnessed its transformative impact. On the way, it dawned on him that creating more accessible and equitable financial systems can have a long-lasting influence on society. The journey that he started in India has since taken him to Europe, Southeast Asia, Africa and now the Middle East.
Being part of this societal transformative journey, where he could contribute to transforming transactions into joyful moments leading to smiles, happiness, and pride for thousands of families, inspires him and gives him inner peace!
Primary Responsibilities as SVP of Payit Digital at FAB
Payit is UAE’s first fully featured digital wallet app, created by First Abu Dhabi Bank, with a vision to be the leading FinStyle brand for families and communities. “Our mission is to transform financial transactions into joyful moments by creating curated experiences,” adds Nitin.
Nitin essentially sees Payit as a “bank agnostic” platform for everyday transactions designed to be used by anyone and everyone in the community. It is powered by “curated experiences”—that’s the keyword: experiences curated for humans with the comfort, ease, and convenience of digital.
Payit enables customers to pay for everyday goods and services across retail and e-commerce stores. It also allows customers to pay utility bills in UAE and internationally, pay educational institutions, avail micro-loans, make peer-to-peer payments, and transfer money digitally, direct from their devices, within the UAE and to other countries.
Payit was the first in the country to launch such an innovative payment solution with a whole host of features introduced to the market. It was the first to launch a non-bank digital money transfer solution. It was the first one to launch QR-based payment solution and the first one to launch a digital banking app for the blue-collar segment. also It was also the first to launch a digital micro-lending proposition for the blue-collar segment. “At Payit, our customers and their convenience have been the center of all decision-making. This helps us drive innovation every day,” added Nitin.
Cultivating High-Performance Through Empowerment and Inclusion
Having lived in several countries and experienced multiple cultures globally, Nitin believes in two principles: ” First, no two individuals are the same; and second, every individual does their best to give the most optimal performance under given circumstances!”
He believes in harnessing individuals’ energies and performance for the larger purpose. On the ground, it translates into having a clear vision and roadmap for the team with every member knowing their purpose and contribution to the vision and roadmap. He also believes in creating a safe environment where every member feels comfortable recognizing their weakness and allowing others to demonstrate their strengths that complement their shortcomings. This leads to the point where every member can play on their strength rather than getting bogged down by their weakness, thus cultivating a sustainable, high-performance organization.
The PIC Framework: A Paradigm for Sustainable Product Innovation
Nitin’s approach to product innovation can be summarized in Purpose, Intuitivity and Customer-centricity, PIC in short. “Why do we create products? Is it to get a paycheck at the end of the month, or is it because we believe in its larger purpose? To me, the belief is important; making oneself believe and making the larger organization believe in the purpose sustains the long-term momentum through lows and highs,” says Nitin.
Secondly, he emphasizes on the intuitive usability of the product. The product’s success does not lie in its use by engineers or specialists but by consumers of varied background. A product and its functions should be as intuitive as possible, and consumers should be able to use it without going through intricate jargon or guidebooks.
Thirdly, he says that consumer of the product should be at the center of decision-making be it price points, packaging,features or the complaint management. The intersection of Purpose, Intuitivity and Customer-centricity gives birth to sustainable revenue-accretive products. He says he has witnessed this paradigm play successfully every time in my nearly 30-year professional career.
Approach to Work-Life Balancing
According to Nitin, he resonates work-life balance with that of Intermittent Fasting, an age-old paradigm followed across cultures to help maintain the equilibrium of body and mind and keep oneself healthy. He extends it to work-life balance.
“I try to keep myself away from work stress for 36 hours every week and use this time to indulge in food, movies, friends, or just watching ocean waves,” Nitin adds. It helps him maintain an equilibrium and makes him more productive for the remaining 132 hours of the week!
Stay Ahead of Industry Trends and Technological Advancements
He follows three simple strategies: Reading, Conversing, and Speaking. “I read several blogs, not just on technology but also on consumer and societal trends as the trends and technology are linked and impact each other,” says Nitin. It provides unparalleled insights. Secondly, he attempts to participate in several industry events, drawing inspiration from like-minded professionals. He does share his thoughts and perspectives at these events and never forgets to ask the audience for their insightful views.
His Advice to Emerging Leaders Who Aspire to Drive Digital Transformation
“The emerging leaders should internalize and believe in the larger purpose of digital transformation,” says Nitin. Digital transformation should never be considered an opportunity to digitize existing processes; instead, it should be considered an opportunity to deliver a better (sometimes new) business model that blends price, time, convenience and comfort.
Contributions to Digital Transformation and Business Growth
At Reliance Jio, Nitin was crucial in launching India’s largest digital payments platform. He was responsible for creating a robust digital ecosystem that serves over 400 million customers. His efforts included establishing strategic partnerships with payment aggregators and e-commerce platforms, facilitating rapid digital transaction growth. At Western Union, Nitin built digital cross border remittances business in dozens of countries across Asia and Asia Pacific.
Nitin adds, “I would like to be seen as someone who created and institutionalized paradigms and sustainable experiences that outlive me.” His career reflects a strong commitment to leveraging technology for business transformation and growth. His leadership roles across multiple high-profile organizations underscore his expertise in driving digital initiatives that enhance operational efficiencies and promote financial inclusion and customer engagement on a global scale.
His Aspirations for Payit Digital Wallet?
He aspires to transform financial transactions into joyful moments by creating curated experiences. “We want Payit to be the means behind smiles, joy and pride of families and community, enabled by the comfort, ease, and convenience of digital,” stated Nitin. His vision is to be the number one FinStyle brand for families and communities.
