COVID-19 has resulted in substantial changes in banking, such as reduced visits to banks, social distancing, adaptation to digital channels and systems, and increased regulatory and government interference. Though in the last few years, banking as an industry has seen a massive move towards digitization, the pandemic has significantly accelerated the adoption of digital technologies, processes and systems. It is also important to note that the adoption of digital technologies in rural areas due to the growing internet and smartphone penetration. This digital eco system aided in all contactless transactions during the pandemic leaving the people outside of the ambit of a formal financial system highlighting the need of the long term plan of financial inclusion for the unbanked and underbanked.
It is the need of the hour for a collaborative approach between FinTech, banks, payment systems, telcos and government will help in bringing more of the banked and unbanked sections into the digital banking fold.
Every bank is working towards adopting new technologies such as Artificial Intelligence (AI), Machine Learning (ML), Cloud, Internet of Things (IOT), Human Computer Interface (HCI), Blockchain among others.to keep meeting the expectations of their customers and providing them with satisfactory experiences in this era.
It will be more critical than ever to keep the focus on deeper customer engagement with technology investments and digital transformation efforts. Consumers will prefer banks that align with their environmental and social values in a more purposeful age, where local and cooperative principles align to the matters of global responsibility.
It is critical for the industry to convene and deliberate on financial inclusion, adoption of technologies and the latest innovations for the banking sector.
IBEX India, as in the past, will assist banks in bridging the gap between old and new technologies. IBEX India, which includes a large tradeshow and conference, has hosted over 1000+ exhibitors in its nine editions. Over 1400 senior bankers have attended conferences, seminars, and round tables that have provided a forum for discussion on the most pressing issues challenging the banking sector.
IBEX India has had the privilege of hosting Shri Rajiv Takru, Secretary Financial Services (Ministry of Finance); Shri S S Mundra, Ex-CMD (Bank of Baroda); Dr C Rangarajan, Ex-Chairman (Economic Advisory Council); Shri H R Khan, Ex-Deputy Governor (Reserve Bank of India); Dr Saumitra Chaudhuri, Ex-Member (Planning Commission, Government of India) & many other dignitaries in the past editions as Chief Guests.