PESTEL
TECHNOLOGICAL
Technological advancements are changing
how consumers handle their funds. Use of
mobile banking apps and Wi-Fi enabled debit
cards improve the ease of doing business
Apps like Groww and Zerodha have made it
easier for retail investors to invest diligently
with maximum returns and ease of doing
business has improved drastically. This has
helped people become financially aware
Automating processes in financial industry
will not only make processes efficient, but
also increase market competition as this will
guarantee higher quality and customer inflow
Existing products are becoming obsolete
sooner than later which is why setting up R&D
departments like a FinTech Lab is necessary to
create new products and strengthen existing
ones
ENVIRONMENTAL
ESG integration in the financial sector will pave
a path for all stakeholders being considered in
the decision-making process, which will result
in real world impact benefiting everyone
Although companies in the financial sector may
not be polluters themselves, they will probably
have a banking relationship with some
companies that are polluters and should look
after risks like credit, legal and reputation risks
The financial sector should start
implementing green methodologies like
sustainable lending, sustainable operations,
green products and services and go paperless
It is extremely necessary for companies in the
financial sector to engage their employees in
CSR activities pertaining to eco-friendly
methods and become aware of persisting
environmental issues
LEGAL
The IFC has transformed India’s financial laws,
regulatory architecture, and regulatory
functions, providing a modern and consistent
framework based on the rule of law,
regulatory independence, and accountability
Schemes introduced by the RBI to defend
customers like the Banking
Ombudsman(“BO”) Scheme and the ‘Charter
of Customer Rights’
Need for a national Information security
standard to provide a framework for the
secure development, implementation and
maintenance of information systems and
technology architecture in the financial
sector
The Indian government has taken an
encouraging step towards regulating digital
currencies in India. It is essential that the
government takes into consideration future
advancements and puts India on a global
platform