Embracing Disruption will keep Banking Sector Alive
Date: Thursday , November 03, 2016
It seems like a time travel when we look back at our banking sector, just like teleportation. From an old school era of physically going to banks for even a small cheque denomination withdrawal to now doing transactions worth lakhs from just the touch of our mobile screen, banking industry today is in the state of flux, with multiple technologies, regulatory and demographic factors completely disrupting the banking ecosystem world across. These factors impact the way banks conduct their business just like providing ultimate experience to today’s customers in order to retain them, as the competition has become fiercer.
On the other hand, non-banking services providers have become a threat for the banks as disruption and innovation is at quite high mercury there. All thanks to them that this non-adapting sector now is realizing innovation in different forms taking centre stage, resulting in the unbundling of financial services with variable degree of disruption. The rapid adoption of technology by consumers, both individuals and businesses, especially mobile banking, is changing their needs and the way they interact with banks.
On the other hand, fintech companies have entirely put their eyeballs on the most profitable business segments of the banks that they fail to realize and adapt to. Hence the competition is getting tougher than one could contemplate of. In this issue of our publication, we bring to you ‘20 Most Promising Banking Solution Providers in India – 2016’ who have created brilliant products to serve this need of the hour. Going above and beyond the usual way of serving customers, these companies have created a niche for themselves.