As India moves ahead with its vision to become an economic behemoth in the next few years, the average level of prosperity among its populace and the degree of equitable distribution of wealth will, to a large extent, be determined by the scale of inclusive growth achieved.
In response to the evolving forces of customer expectations, regulatory requirements, technology, demographics, new competitors and shifting economics, much of the landscape will change significantly. Banks need to choose what posture to adopt against this change – whether to be a shapper of the future, a fast follower, or to manage defensively, putting off change. Staying the same is not an option.
In the field of technology based banking, information technology and electronic funds transfer system have emerged as the twin pillars of modern banking development. Products offered by banks have moved way beyond conventional banking and access to these services have become round the clock.
This, indeed, is a revolution in Indian banking industry. Payments banks will open another alternative channel after internet and mobile banking, and help improve efficiencies and reduce costs involved in catering to customers in the rural and semi-urban areas.
The ‘Digital India Campaign’ launched in July 2015 by the Government of India, with an aim to ensure that Government services and subsidy benefits are made available to citizens electronically by improving online infrastructure and by increasing Internet connectivity will pave way for technological reforms in India and make the country digitally empowered. Another extremely important issue is the infrastructure financing. Banks have been the primary source of funding for the infrastructure sector.
India’s financial regulators have helped build one of the world’s strongest banking and financial systems that has sailed past international crises. They are now injecting more competition by allowing different classes of banks and financial service providers. The Government is also stepping in with the bankruptcy law and the Bank Boards Bureau, which is expected to make it easier to do business.
It is in this context, we believe that we need to prepare our banks to be ready for the future! The Bank Of The Future: Vision 2020. This program would help the industry to understand the future evolution of banking and the evolving strategies for reaping maximum benefits from the changing scenario in banking and financial landscape.
Leading upto 2020, radically transformed bank models will emerge.
A glimpse ahead shows an emphasis on innovative technologies to vastly facilitate banking - inclusive banking through new types of bank models, non-traditional alliances to make banking affordable, Fintech capabilities to make banking customer centric.
Banking in the future will be collaborative, exciting and will raise the bar in setting new standards.
The point of view following on from here, touches upon the growth route:
Partnered by trade, industry and other media, this program is divided into category wise presentations and associations. For more...connect with us!