Mumbai: While the
banking sector has been adapting to
digital disruption for several years, COVID-19 has accelerated this transformation, opening up access and opportunity to millions of unbanked and under-banked consumers.
Leveraging technology to its fullest potential will not only stimulate growth but will enable Indian Banks to emerge as global leaders that will be among the strongest, resilient and most dynamic in the world.
Indian banks are leading all other banks around the world in adopting technologies. This was the collective opinion of leading bankers and experts in the BFSI sector who participated in a virtual discussion at the IMC Chamber of Commerce and Industry’s 11th Banking & Finance Conference on”How Technology is Reshaping Banking and Finance,” on July 15 & 16, 2021.
SBI Chairman Dinesh Khara spoke of SBI working towards launching the next version of Yono, adding that the bank had onboarded 40,000 overseas customers on the Yono platform by end of March 2021.
Speaking at the Conference, Guest of Honour, N. S. Vishwanathan, Former Deputy Governor, Reserve Bank of India said, “The government’s move to privatise two State-owned lenders, presents an ‘exciting opportunity’ for investors looking to get into the business.”
“The government has already been brave while presenting the Union budget and has confirmed that it is willing to stretch the deficit to make sure that the country continues to be on a growth path,” said K V Kamath, while speaking at an event.
Abizer Diwanji, Partner & Head – Financial Services, E&Yis of the opinion that defaults are bound to happen in the banking business, but one has to deal with them upfront rather than taking 5-7 years to deal with it.
Narendra Ostawal, MD, Warburg Pincus‘ said, “Private equity firms like his will be interested in investing in the bank privatisation process and see it as a ‘huge opportunity’.”
Arjit Basu, Chairman, Banking and Finance Committee in his introductory address affirmed that Technology is the core of global economy and we should fearlessly embrace new technologies and innovations. Diversion between Banks and financial institutions are slowly going away and Fintechs are the emerging banks of tomorrow.
In his welcome remarks, Rajiv Podar, President, IMC mentioned that the Indian economy has undergone a radical transformation in the last decade. The confluence of technology and finance, or Fintech as it is commonly known, has been at the centre of this change. India has emerged as one of the biggest Fintech hubs in the world, as new-age companies leveraged technology to change the way people and businesses avail banking and financial services.
Other sessions focused on the importance of ‘Corporate Governance’ in the banking systems, opportunities and risks involved in investing in the Indian banking and financial services, role of Fintechs and Payments Banks in the financial systems, and on how technology will help banking and financial services in future.
Also discussed were problems encountered by customers and banks due to the rapid digitization of the banking and finance sector, and how central banks can and should take the lead to ensure a Green Economy.MDs and CEOs of many other banks, Fintech companies, Private Equity Firmsalso participated in the conference.