The Indian economy is on the brink of a major transformation, with several
policy initiatives set to be implemented. Enhanced spending on
infrastructure, speedy implementation of projects and continuation of
reforms are expected to provide further impetus to growth. All these factors
suggest that India’s banking sector is also poised for robust growth as the
rapidly growing business would turn to banks for their credit needs. As per
the Reserve Bank of India (RBI), India’s banking sector is sufficiently
capitalised and well-regulated.
Banks have the unenviable task of meeting stakeholder, regulatory and customer expectations whilst complying with stringent new requirements that are gradually taking shape in line with the compliance to Basel III norms. Banks will need to seek more innovative ways of creating operational efficiencies, market differentiation and each bank will need to undertake a deep-dive analysis of its businesses and extract benefits to satisfy all stakeholders. Further, top management will be under pressure to make prudent judgements to reinforce systemic controls. This will need increased dependency on modern technologies driven by IT & investments to be able to manage the kind of data population.
Digitisation of banking operations will potentially transform the business models of the banks operating in India fuelled by the government focusing on a digital India and e-governance.
Payments are an area which is experiencing innovative disruption. With the entry of new payment banks, the landscape is changing and payment solutions are being upgraded constantly to provide cost effective and scalable digital solutions.
TRENDS IN USAGE OF TECHNOLOGY