Indian Banks Looking to Raise Their Game Using Technology
In July, the Reserve Bank of India (RBI) set up an inter-regulatory working group to study issues relating to financial technology (fintech) and digital banking in the country. The aim is to understand major fintech innovations and developments and how the markets—the financial sector in particular—are adopting new delivery channels, products and technologies.
The initiative comes in the backdrop of various Indian banks testing out newer technologies in both the corporate and retail banking space, either independently or with the help of fintech companies.
Here are five major technologies that banks have either launched, or in various testing stages, and are likely to disrupt how banking is done: