Future of banking is here

Recognizing and embracing exponential opportunities sets apart successful leaders from linear thinkers. Over the next five years, financial services and, indeed all sectors of the economy, will be dramatically disrupted, primarily by greater customer empowerment and technology driven innovation.

Banking is becoming more convenient thanks to the Internet, and the future of the banking sector is growing increasingly digital. India has leapfrogged into the era of innovation in banking by adopting the latest in technology. Today’s digital age and hyper-connected environment requires banks to re-imagine their business continuously, and Indian banks are making great strides when it comes to true digital transformation.

This article highlights some of the key exponential technologies that are disrupting the banking sector around the world, and specifically in India, such as IoT and cognitive technologies that include artificial intelligence, conversational chatbots, natural-language generation, and virtual reality. Some of these might seem like a fad at the moment because of regulations, but the wave of exponential innovations is here and it is just a matter of time before these enter the Indian market.