New Delhi, Oct 18 :
The past decade has witnessed a widespread acceptance of digital technologies. As we enter the Fourth Industrial Revolution, businesses across industries and verticals are turning to AI, ML, IoT, Big Data and other modern technologies to streamline their operations. When it comes to India, the government itself has taken a host of initiatives to promote large-scale adoption of technology in various sectors. The wave of digital disruption has affected several sectors such as manufacturing, retail, logistics, hospitality, travel, and even education. According to PwC’s report titled ‘Industry 4.0: Building the Digital Enterprise report’, nearly 39% of companies in India plan to invest 8% of their annual revenues in digital programs by 2021.
The report also estimated that the country would soon witness a mushrooming of true digital enterprises. Notwithstanding this progress, banking is one sector that still remains largely untouched by technology. While several public and private sector banks are digitizing their services, we have merely scratched the surface of what digitization can achieve. It becomes quite evident when compared to the banking landscape worldwide. Global banks are transforming their business models to offer a digital-first experience to customers. Moreover, consumers are getting acquainted with banks that are born digital. Taiwan’s O-Bank, for example, has no brick-and-mortar branches and provides its services through an app and a 24×7 video contact centre.
The increasing reliance on technology is a clear indicator that the future of banking virtual.
