MUMBAI, (GNI): Shikha Sharma, Managing Director & CEO,Axis Bank
Ninad Karpe,Chairman, CII Western Region Dr Saugat Mukherjee, CII Regional Director
MUMBAI, (GNI): The increasing adoption of technology innovations by existing players, and gaining acceptance of the newer technology players in the financial services ecosystems has re-defined the products and services of banking in the country.
As per CII-PwC report “Inclusion 2.0: Leveraging technology disruptions to realise India’s digital economy”, Fintech and financial services companies are expected to collaborate more thereby enabling the mass adoption of technology and increasing the reach of organised financial services. Alternative credit modelling, artificial intelligence, big data, machine learning, big data, blockchain, robotic process automation, drones, digital and virtual reality are expected to have a resounding impact on all the functions of financial services from easing customer convenience to increasing the reach of financial services to risk management and combatting fraud.
The proliferation of technology across the country, fuelled by large-scale adoption of smartphones and governmental initiatives like “Broadband for all” will ensure Internet connectivity even in remote areas, a vital requirement for the digital banking and technology solutions.
As per the CII PwC report, the risks and threats that are brought by the entry of FinTechs and new-gen techs has caused multiple industry regulators both globally and locally, including the Reserve Bank of India, to set up special committees and chalk out guidelines on both the technology adoption and risk management so as to reinforce the financial services economy and protect customers.
Bhaskar Pramanik, Chairman – CII BANKing TECH Summit said, “The recent initiatives by the Government around the move to cashless transactions, will drive innovation both from existing players and new entrants thereby providing customers with differentiated offerings at lower costs. The power of Fintech should be harnessed in taking banking to the remotest corner of the country efficiently and effectively.”
Vivek Belgavi, leader Financial Services Technology PwC India said, “As technology continues to drive innovation in banking, rapid growth and adoption of digital technologies are increasing rural penetration of the financial services products. FinTech led story is also shaping up the future where financial products become easily accessible to the masses. We see a highly appreciative trend of technology companies embarking with the government on mass education of financial products. With invention of new technology, offcourse, the fraud risks and cyber threats are bound to grow. The financial ecosystem need to carefully tackle the same and move forward. The market should focus on operational cost reduction to move efficiently in the rural market.”
Overall, the future will see more democracy amongst the various players within the financial services arena and the access to all the financial products to the rural masses would be a shot in the arm for the financial inclusion program of government of India.ends