Banking in India in 2023: Disruption and Transformation
Prominent leaders from the banking and financial services sector discussed the future of banking at the recently concluded Business Today’s Banking and Economy Summit 2023 recently held in Mumbai. The focus of the discussion was around the structural challenges that are faced by the banking sector in the coming year, given the current global headwinds of high inflation and overall economic sluggishness.?
Participating in the panel discussion, Piyush Singh , Senior Managing Director and Lead – Africa, India and Middle East, Accenture stressed on the need for a partnership between the banks and the corporates to foster innovation and focus on removing existing inefficiencies to leverage the digital transformation that is well under way. According to him, “Banks will have to partner with the corporates to invest in sorting their internals in order to become more efficient… and that will require some serious investments”.?
As economic indicators turn positive for the Indian economy, banks will need to look internally and invest in the next phase of digital architectures, covering cloud, data, security across banks’ operating functions in order to take advantage of the economic growth. Watch session recording...
News & Views
AI-Enabled Banking Transformation in India
In a Q&A with Analytics India Magazine, Sonali Kulkarni , Managing Director and Lead, Financial Services, Accenture in India, discussed data and AI’s transformative potential. Banks should approach AI as a business enabler to meet long-term goals and tap into their data reserves to further innovate on their cross sell and profit optimization models. Read more
AI Trends in Banking
Over the next five years, banks will deploy AI solutions for multiple uses—from implementing cloud-based technology to building AI-powered retail banking tools. In an industry story in ET CIO, Pranav Arora , Managing Director and Lead - Applied Intelligence, Accenture in India, highlighted that the banks could capitalize on these trends by adopting a holistic approach toward AI adoption. Read more
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Banking on Opportunities and Ease of Doing Business with e-Rupee
Following RBI’s launch of the e-Rupee, experts feel that the Digital Rupee is the future of money in India; and Accenture’s Pranav Arora enunciates that that the differentiating characteristics–identifiability, programmability, and distributed ledgers–can unleash a new set of economic possibilities. Read more
Accenture is ready to help as you begin to re-imagine your customer relationships. If you’d like to know more about how we can partner with you in your digital transformation journey, please feel free to?contact me . Thank you!?
Digital rupee will save huge amount spent on the currency note paper and printing. Also, imp aspects like centralized control by RBI , backed by blockchain technology and no account needed for transaction will ensure safe and ease of transaction
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