Technology sets stage for evolution of Banking

The timeline for digitization of financial services has shortened and, with it, the gap between banks and their customers has narrowed. The pandemic has forced banks to scale up their use of technology. In the fourth online discussion in Mint’s Pivot or Perish campaign to examine ways to revive industry post covid-19, leaders in the financial services sector said banking will be more accessible and inclusive and focus on the customer journey. Here are the key takeaways:

The road to recovery

As businesses rebuild after the crisis, they’re going to need capital, and lots of it. This means banks will emerge stronger in the recovery period. The challenge, however, will be to ensure there won’t be a build-up of bad loans.

Inclusive banking

The country’s most vulnerable will be drawn into the formal banking system as digital transformation creates inclusivity and accessibility. Steps taken over the last few years to help the poorest access credit will show results.

Tech to aid growth

Banks face hard choices as the pandemic shifts every aspect of doing business. Technology will play a key role in the way banks operate, and human intervention in functions such as credit appraisal and customer on-boarding will shrink.

How customers behave will determine how we serve them. Digital is the way ahead.

We hope to get back into the growth mode from the third quarter and see a pickup in lending.

The bots that we have built are coming in handy in the credit appraisal process.

The digitization of rural India will be the defining moment for our country.