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  • Banking India Future

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    Janu Priya
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    The banking industry is facing disruptions from new technologies like digital banking, AI, machine learning, and the Internet of Things that will transform the customer experience and introduce new players like payment banks and fintech companies. Banks will see a decline in physical branches and shifts in employee skills toward data science and automation roles. Partnerships between traditional banks and new fintech and payment companies will help banks gain competitive advantages through access to innovative technologies and increased revenue while benefiting fintechs through bank infrastructure. The future banking industry is expected to see improved customer experiences and a realignment of roles for different players in the market.

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    The banking industry is facing disruptions from new technologies like digital banking, AI, machine learning, and the Internet of Things that will transform the customer experience and introduce new players like payment banks and fintech companies. Banks will see a decline in physical branches and shifts in employee skills toward data science and automation roles. Partnerships between traditional banks and new fintech and payment companies will help banks gain competitive advantages through access to innovative technologies and increased revenue while benefiting fintechs through bank infrastructure. The future banking industry is expected to see improved customer experiences and a realignment of roles for different players in the market.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    8 views2 pages

    Banking India Future

    Uploaded by

    Janu Priya
    The banking industry is facing disruptions from new technologies like digital banking, AI, machine learning, and the Internet of Things that will transform the customer experience and introduce new players like payment banks and fintech companies. Banks will see a decline in physical branches and shifts in employee skills toward data science and automation roles. Partnerships between traditional banks and new fintech and payment companies will help banks gain competitive advantages through access to innovative technologies and increased revenue while benefiting fintechs through bank infrastructure. The future banking industry is expected to see improved customer experiences and a realignment of roles for different players in the market.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    Future of Banking Industry

    Technological Disruptions Customer Experience New players/Policy Support


    • Rise in digital footprint • Faster and Transparent banking - Payment Banks, Fintech
    • Next generation digital • Reduced Quality issues companies and m-Wallets
    banking experience • More Flexible banking - Sustained Government support
    • IoT, AI and Machine learning experience through schemes like PMJDY.
    • Spectrum of automations • Tailor made banking services - Digital India supporting e-wallets

    Future of Banking
    • Shift in the skills of the bank employees and nature of the work (New Roles for data scientists, automation
    experts, etc.)
    • Brick and Mortar branches will see a decline in number
    • Partnerships with payment banks will help banks to gain a competitive advantage and to maximize the revenue
    • Partnerships between banks and fintech companies allow banks to get early access to innovative technologies
    and help fintech players benefit from the infrastructure of the banks
    • Improved Customer experience and possible realignment of players in the market, with m-wallets and payment
    banks taking up the role of complements with huge power.
    References

    • http://www.assocham.org/upload/docs/M-Wallet_Report_press.pdf ( 07-May-19)
    • https://m.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1236 (07-May-19)

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