If one were to tell a banker from the 1990s that by 2016 a vast majority of banking transactions would be handled digitally, the chances of them laughing hysterically was a real possibility. Such is the extent at which technology has grown that nearly every aspect of human life has undergone a massive revamp.
In this article, you will find 5 most of the best trends that will revolutionise the way we look at banking.
- Unified Payment Interface (UPI):
National Payments Council of India (NPCI) along with the RBI introduced the UPI in a bid to make India a cashless society and in turn into a digital nation. Through this network, money can be transferred between two bank accounts with the use of smartphones. The most revolutionary aspect of this system is that unlike NEFT or other such online payment methods, individuals don’t need IFSC codes or net banking credentials to make payments. Currently, UPI apps are available for most of the banks in the country for android smartphone users.
- Cloud Banking Systems:
We have all seen how cloud networking systems have improved the techverse. Much the same way, a cloud banking system is also in the pipeline in the country. What this service will do is decrease the data transfer costs while also being extremely responsive to customers’ and the markets’ needs. Currently, banks like HDFC, IDFC, Kotak Mahindra, and ICICI Lombard have adopted the cloud infrastructure provided by Microsoft while plenty others are contemplating the same.
- Internet of Everything (IoE):
- Robotics:
Imagine a robot assisting you with never-seen-before consistency for any and all of your banking related queries. That’s what this idea is all about. Presently, ICICI Bank has deployed over 200 software robots across various branches to help take care of repetitive tasks. The bank also has plans to increase the number to 500 by the end of this fiscal year. Besides ICICI Bank, HDFC Bank too is looking into the introduction of robotics into their operations.
- Blockchain Technology:
Indian banking industry is growing at an unprecedented rate but still maintaining a database of basic details are becoming tougher by the day. This is why a number of banks are partnering to invest in blockchain technology which is basically a database which stores regularly used data like E-KYC and AML (Anti-Money Laundering) details in blocks. Muthoot Finance and Yes Bank are two financial institutions that are currently working to get this system operational.
There you have it. The introduction of these five technologies in the country would not just improve the state of banking, but revolutionise by the way we bank.
