"In new future, brick and mortar Bank branches will lose significance with rapid emergence of customer centric digital technology” emphasize banking industry experts
Author(s): City Air NewsMr. Balachandran M., Former Non Executive Chairman - National Payments Corporation of India , Mumbai addressing the gathering. To abreast the students about emerging trends and challenges in banking sector, Amity...
To abreast the students about emerging trends and challenges in banking sector, Amity School of Insurance, Banking & Actuarial Science (ASIBAS) organized one day Banking Conclave on theme “New Horizons in Banking – 2018 and Beyond” at Amity University Noida Campus, Sector 125.
The conclave aimed to provide a platform for exchange of ideas and to find actionable solutions for problems related to banking industry.
Welcoming the gathering, Mr. A.P. Singh, Director, ASIBAS said that the banking trends have been through a significant transformation in India which are driven by digitization, deregulation and democrat. He mentioned that about 1/5th of the banking industry is looked after by Reserve Bank of India under the PCA (Prompt Corrective Action) plan and they require major shake up to be part of the competitive industry. He opined that RBI needs to layout stringent guidelines as many banks follow dubious practices and PCA is triggered only when the damage is already done. Mr. Singh lauded the efforts of Government to change and simplify the banking scenario in India. The banks have now developed customer friendly technology.
Addressing the gathering, Mr. Balachandran M., Former Non Executive Chairman - National Payments Corporation of India, Mumbai said that this decade is going to be a defining decade for banking sector which will happen by bringing equitable wealth creation through inclusive banking, by adopting technology driven products and services and by producing products as per the requirements of new generation customers. Mr. Balachandran apprised that due to lack of technology initially, only 50% of population had proper access to banking services. He emphasized that digitization has resulted in 24*7 banking service that has made banks more accessible and approachable to people. He called upon the students to explore career opportunities in the banking sector and also research for new technological innovations that can be introduced to make banking further easier.
Speaking on the occasion, Mr. Rakesh Bhatia, General Manager, Bank of Baroda said that the banking landscape has become more competitive due to various challenges that aroused after the entry of new banks, small finance banks, payment banks, NBFCs, Fintech companies. He shared the banks which do not change in the fast changing environment are at risk of losing relevance. Mr. Bhatia further briefed about innovations in Digital Banking and said Government has been vigorously promoting digitization of banking industry by giving impetus to digital transactions to make India a cashless economy. He apprised that in the coming years, the brick and mortar bank branches will lose significance and customer centric digital technology will be prominent as a differentiator between successful banks and rest of the players.
During the day, panel discussion were held on various topics including “Digital Banking - Innovation is the way forward”, “Lending to MSME Sector - Challenges & Opportunities” and “New Frontiers in Risk Management in Banks” which were deliberated upon by various eminent banking experts including Shri Devi Shankar Mishra, General Manager (IT) - SBI Head Office, Mumbai; Mr. Rahul Sinha, Dy. General Manager, Reserve Bank of India; Dr. K.S. Rao , Director, National Institute of Banking Studies and Corporate Management (NIBSCOM), Noida; Mr. Anant Upadhyay -Chief Vigilance Officer -New India Assurance Ltd. & NABARD Ltd; Shri Vijay Prakash, Zonal General Manager, National Small Industries Corporation Ltd., North - I, Noida and Mr. Raman Aggarwal, Chairman - Finance Industry Development Council, Sr. VP - Head Corporate Affairs, Srei Equipment Finance Ltd., New Delhi amongst others.