Bharat Fintech Summit’s Post

#IndustryInsights India, in the recent times, has emerged as a global leader in the #DigitalPayments space. Driven by smartphone growth and successfully designed digital infrastructure, banks are leading this growth. But what's next for the future of banking? Read our insights paper to learn how the sector is adapting to changing customer demands and providing an agile banking experience 👉 https://bit.ly/3K7kLGr #AirtelBusiness #PreventSMSFraud #AirtelIQ #Spamshield #FinancialFraud Think Teal | Apalak Ghosh | Nithin Uttarkar | Amit Kumar

The banking sector in India has undergone significant reforms and technological advancements, leading to increased competition, improved efficiency, and expanded services. Discover how addressing data governance challenges has helped banks navigate and conform to the financial system landscape, while also building trust and credibility. https://brnw.ch/21wJKmL   Subhashis Manna #BFSI #Banking #Data #DataAnalytics #DataGovernance

The Banking sector is adapting to changing customer demands and #Airtel is providing an agile banking experience by adding the #DigitalPayments. #AirtelBusiness  #PreventSMSFraud #AirtelIQ  #Spamshield #FinancialFraud

Cooperative banks play a crucial role in the Indian financial system. Over the years, they have encountered several obstacles: limited access to modern financial services, competition and regulatory constraints. However, advanced technology can help them compete in the rapidly evolving digital banking landscape. To redefine banks’ operations with a competitive edge to grow exponentially, Intellect launched eMACH.ai composed Intellect Digital Core for Cooperative Banks. This suite enables them to embrace digital transformation and incorporate modern technologies to meet evolving customer demands and stay competitive. Read more: https://lnkd.in/eg4dHgRE #Intellect #eMACHai #IntellectDigitalCore #CooperativeBanks #DigitalTransformation #CoreBanking #LoanManagement #DigitalEngagement #TradeFinance #ARX #DomesticTreasury

Technology is a top priority for Indian banks as they look to improve services and expand in a competitive market. https://lnkd.in/gTw5Tvkr Grant Thornton Bharat LLP #fortuneindia #technology #digitalbanking

𝐓𝐡𝐞 𝐈𝐧𝐝𝐢𝐚𝐧 𝐁𝐚𝐧𝐤𝐢𝐧𝐠 𝐒𝐞𝐜𝐭𝐨𝐫: 𝐏𝐨𝐬𝐭-𝟐𝟎𝟐𝟎 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 1. 𝐑𝐞𝐬𝐢𝐥𝐢𝐞𝐧𝐜𝐞 𝐀𝐦𝐢𝐝𝐬𝐭 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬    - 💡 𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭: The pandemic pushed banks to innovate quickly. Despite initial disruptions, they maintained operations through digital channels.    - 🔒 𝐀𝐝𝐚𝐩𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲: Banks rapidly adapted to remote working and digital customer service, showing impressive flexibility. 2. 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐀𝐜𝐜𝐞𝐥𝐞𝐫𝐚𝐭𝐢𝐨𝐧    - 📱 𝐓𝐞𝐜𝐡-𝐃𝐫𝐢𝐯𝐞𝐧 𝐁𝐚𝐧𝐤𝐢𝐧𝐠: The use of online and mobile banking platforms skyrocketed, offering customers convenient and safe banking options from home.    - 🌐 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐈𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧: Digital banking extended its reach, allowing unbanked and underbanked sections of society to access banking services easily. 3. 𝐍𝐞𝐰 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬 𝐚𝐧𝐝 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬    - 🚧 𝐍𝐏𝐀 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭: Banks continued to focus on lowering non-performing assets, a critical step for financial health and investor confidence.    - 🧹 𝐏𝐨𝐥𝐢𝐜𝐲 𝐑𝐞𝐟𝐨𝐫𝐦𝐬: Implementing new reforms and policies to enhance governance, risk management, and operational efficiency. 4. 𝐄𝐦𝐞𝐫𝐠𝐢𝐧𝐠 𝐓𝐫𝐞𝐧𝐝𝐬    - 🏦 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐋𝐞𝐧𝐝𝐢𝐧𝐠 𝐆𝐫𝐨𝐰𝐭𝐡: A significant rise in digital lending platforms, offering faster and more user-friendly loan processing.    - 🌍 𝐒𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐥𝐞 𝐁𝐚𝐧𝐤𝐢𝐧𝐠 𝐏𝐫𝐚𝐜𝐭𝐢𝐜𝐞𝐬: A growing focus on green finance and lending practices that support environmental sustainability. 5. 𝐋𝐨𝐨𝐤𝐢𝐧𝐠 𝐀𝐡𝐞𝐚𝐝    - 📈 𝐆𝐫𝐨𝐰𝐭𝐡 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬: The sector is set to expand further, fueled by technological advancements and a growing economy.    - 🌱 𝐄𝐜𝐨-𝐅𝐫𝐢𝐞𝐧𝐝𝐥𝐲 𝐚𝐧𝐝 𝐈𝐧𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐏𝐫𝐚𝐜𝐭𝐢𝐜𝐞𝐬: Banks are increasingly considering environmental and social factors in their operations and lending decisions. The Indian banking sector’s journey since 2020 highlights resilience in the face of adversity and a commitment to digital innovation and sustainable practices. This path reflects not just a response to immediate challenges but a strategic move towards a more inclusive and environmentally conscious future. #Banking #DigitalTransformation #Resilience #SustainableBanking #Innovation

The Indian banking sector is evolving rapidly with digital innovation and a focus on financial inclusion, yet challenges remain. Key trends include the rise of digital banking, increased financial inclusion efforts, regulatory changes by the RBI, and economic factors influencing performance. Stay informed about these developments shaping the industry. #IndianBanking #FinTech #RBI #FinancialInclusion #DigitalTransformation #ICICIBANK

Per Deloitte's "Digital banking maturity" survey, Indian banks have scored above the global average. Whilst speaking on the survey findings, Vijay Mani, Partner and Banking and Capital Markets Leader, Deloitte India, said, "PMF (Personal Financial Management) becomes a key aspect in how people manage their money. With millennials and #GenZ taking over, people are going to need this feature even more." The report showed that although there is room for improvement in the realm of non-financial services, such as health care, Indian banks are ahead of global peers in terms of user experience and may further improve in the areas of relationship, customer onboarding, and day-to-day #banking. Read this article to know more: https://deloi.tt/3T8XLNa #DigitalBankingMaturity #BankingTransformation #DigitalStrategy #FutureOfBanking #FinancialServices #FinTech #Digitalbanking The Economic Times

Indian Lenders Face Urgent Need for Core Banking System Upgrades: BCG Report Highlights $1 Billion Investment Requirement Over 5-10 Years Indian banks and financial institutions are looking at a crucial investment of approximately $1 billion over the next 5-10 years to upgrade their legacy core banking systems. This move is imperative to tackle issues linked to outdated systems, including high costs, scalability limitations, and inefficient architectures. The report emphasizes the significance of boosting spending on "change the bank" initiatives to establish a 60/40 ratio with "run the bank" initiatives. Currently, a large portion of IT budgets is allocated to maintaining existing systems, hindering innovation. Enhancing core banking systems is key for Indian lenders to enhance customer experiences, provide omni-channel services, and elevate operational efficiency. The adoption of cloud-based core transformations is highlighted as a strategic approach to overcome legacy system challenges and remain competitive in the dynamic banking sector. Follow Trustopay for further insights and updates on fintech industry developments. #banking #digitaltransformation #fintech #india #trustopay

Neo banking in India is an emerging trend that is gaining traction due to the country's rapidly growing digital ecosystem and increasing adoption of digital financial services. Here is our report credits Ayesha Siddiqua #neobanking #digitalbanking #onlinebanking #mobilebanking #readywealth