Resilience and Resurrection
Deloitte India was the Knowledge Partner at CII’s Banking Colloquium event held on 28 September 2018 in Kolkata. The theme of the event was ‘Resilience & Resurrection’; and focused on the changing landscape of the banking system in India, and the potential to withstand and rise above these challenges.
With financial technology companies driving innovative business models and capturing market share from the existing established players, we are witnessing constant changes in the banking industry, and significant disruption in the Indian banking industry.
Added to this, customer expectations are higher than ever before, with a premium on enhanced user experiences by way of targeted, interactive, on-demand and relatively inexpensive offerings.
Coupled with this, are a variety of technological tools which have entered the Indian market and banks have been seen making large scale technology investments in them. The digital era is here and it is likely that banks that will emerge as the industry’s “go-to” platforms, will be the ones that will take steps to align with this vision.
Our report emphasises the opportunities and challenges that financial institutions need to consider, keeping in mind the external and internal environment and the advent of technology in all this. We need to ascertain how can we all work together in creating the right set of synergies in building a stronger network of lending and providing the necessary impetus towards sustained growth.