Future Banking: Guided by Purpose, Fuelled by Innovation
The Indian banking sector today is at crossroads as it looks to return to a post-pandemic norm.
Banking faces ever closer scrutiny too, driven by increased pressure on shifting regulations, and growing customer expectations that make it challenging for lenders to compete in a fast-changing tech and payments landscape.
Regulators have also taken an active approach to a wave of Big Tech and other non-traditional entrants to ensure a safe and strong financial system for the first time the Reserve Bank of India (RBI) and Niti Aayog introduced regulatory tracks for digital banks. To ensure benefits of digital payments, banking and fintech innovations reach the grassroots of India, Digital banking Units (DBUs) of scheduled commercial banks in 75 districts was announced in the FY-23 budget. RBI also announced that it will commence the launch of the Digital Rupee for specific use cases as it tests digital currency in India.
In addition, Neo and Challenger banks have made concepts like geography, location and branches in banking obsolete. Instead, banking on a device or financial services available on-demand are catching pace.
Customer-facing innovation has been the key investment priority for the last few years. Banks must innovate and maintain a growth mindset to navigate these challenges. ‘
Intelligent decisioning, open banking APIs, embedded finance, cloud, metaverse banking, and cybersecurity will differentiate banks in the coming year and beyond. Every technology adoption will need to make a concerted effort in improving digital consumer experiences on a big scale and in a timely manner.
Join us at the 3rd Edition of the Economic Times Digital Banking Summit to find out how banks are looking at future-facing scenarios to build capabilities and transition to thrive in tomorrow’s far more dynamic environment.