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Traditional banking as we know it is undergoing a massive transformation and coronavirus pandemic has accelerated the trend. In this context, the 14th Mint Annual Banking Conclave brings together a wide gambit of speakers to delve deep and understand the transformation and what lies ahead in the future.
Speaking on the impact of digital transformation on banks, Deepak Sharma, President and Chief Digital Officer of Kotak Mahindra Bank said evolving technologies still don't have relevant use cases in the financial services.
V V Balaji, Head, Business Technology Group at ICICI Bank, said mobile banking has penetrated deep into the country even in the hinterland areas.
“Even in villages, they use quite a bit of tech these days. We Indians don't have too much legacy, which is an advantage and Indian banks are adopting very fast," Balaji said.
Indian banks don't have a legacy which is an advantage in terms of migrating to new technology, V V Balaji further added.
On blockchain technology, HDFC Bank's Anjani Rathor said the good thing about blockchain is that it needs a network.
On the automation and other technologies penetrating banks, Hemant Dabke, Senior Director, enterprise sales of Uipath said there's still a psychological barrier in automation, especially when there's the tendency to throw more.
“The other bigger problem is the ecosystem. How do they engage with the larger ecosystem."
