Nowhere in the world has it so happened that a tech company has come and taken over the business of a bank, but technology surely is playing a key role in minimising the gap between urban and rural banking, according to the leaders of some of India's largest banks.
The one thing that always keep banks ahead of the technology is the trust factor and the branch format will stay as it offers a supermarket-like option, the Indian banking leaders echoed the same sentiment while participating in Business Standard Banking Forum 2019.
"Footprint-wise banks are shrinking, but that's good cost-wise. Customer journeys are evolving from talking to banker to lifestyle provider. If you look at customers, there is no one solution that suits everyone. Assisted aids are taking place. Video banking, for example, from home is no fad. We are seeing tremendous enthusiasm for this tech-enabled banking solution," said Biswabrata Chakravorty, Chief Information Officer, IndusInd Bank.
Rajesh Mirjankar, MD and CEO of InfrasoftTech, says it's a popular myth that bankers do not understand technology. "With UPI coming into play, banks are playing one leg of the techno-banking journey," he said.
"The technology spend for business will far exceed other functions in the times to come. Some channels are going to become invisible, and some will become more prominent, backed by technology," believes VV Balaj VV Balaji of ICICI Bank. And it is also wrong believe that banks are unprepared to deal with cyber frauds, said Nitin Chugh of Ujjivan Bank.