BS Banking Annual 2024: Why banks can't be technology companies

CEOs of India's largest private and foreign banks say their business is 'unique, trust is its most important word'

Technology is important in banking but not to the extent of turning banks into technology companies. Banks take deposits from customers and work on the foundation of trust. Differing approaches to risk management and compliance may determine the extent to which technology influences banking, according to the chiefs of some of India’s largest private and foreign banks. At the ‘Business Standard’ BFSI Insight Summit 2023 held in Mumbai, they shared their views during a panel discussion on the theme ‘Do private banks need to become tech companies?’ Tamal Bandyopadhyay, the newspaper’s consulting editor, moderated the discussion. Edited excerpts:

The participants