Indian Digital Banking Ecosystem

It is good to know what India is doing.

Entering the next Phase of Growth Powered by Innovation and Simplicity.

Leading banks have spearheaded this shift, showcasing tangible impacts on customer acquisition, servicing, cross-selling, employee satisfaction, cost-to-income ratios, and ultimately, their profit and loss statements. Agile mid-sized and smaller banks are also rapidly embracing digital initiatives, leveraging their flexibility to innovate at a faster pace.

Key Initiatives Driving the Digital Transformation

• Enhancing Customer Engagement Platforms: Banks are improving and relaunching platforms like mobile banking, internet banking, and WhatsApp banking. The focus is on evolving from mere "transaction platforms" to "revenue platforms" that enhance customer experience and drive growth.

• Expanding API Banking: There's a concerted effort to enrich API banking capabilities for deeper ecosystem integration with fintechs and digital platforms, fostering innovation and collaboration.

• Embedding AI at the Core: Banks are building artificial intelligence into their core systems to enable nuanced decision-making and engagement across products. A significant emphasis is placed on leveraging AI for advanced fraud management.

• Digitizing Liabilities Products: Complete digitization of liabilities products such as Current Accounts and Savings Accounts (CASA), Fixed Deposits (FD), and Recurring Deposits (RD) across both self and partner channels.

• Digitizing Asset Products: Digital transformation extends to asset products, including home loans, loans against property, commercial vehicle loans, business loans, microfinance, unsecured loans, supply chain credit, and credit cards, available across self and partner channels.

• Upgrading Payment Infrastructure: Banks are rebuilding payment switches to achieve higher throughput and improved availability, ensuring seamless transaction experiences for customers.

• Modernizing Trade Finance and Treasury Systems: Large banks are overhauling their trade finance and treasury operations to align with digital advancements and global best practices.

Author

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