Future of banking in India- Opportunities and Challenges
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This presentation is a part of the subjective assignment for a SWAYAM Course of Academic Writing. This presentation is a birds eye view related to technology in the filed of banking.
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Business ethics can be defined as written and unwritten codes of principles and values that govern decisions and actions within a company.
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Leadership can be defined as the ability of the management to make sound decisions and inspire others to perform well. It is the process of directing the behavior of others towards achieving a common goal. In short, leadership is getting things done through others.
it covers following points :-
1.Definition
2.Importance of ledership
3.Leader V/s Manager
4.Leadership Styles
5.Theories of leadership
Need & relevance of values in management
This document summarizes a seminar presentation about the need and relevance of values in management. It discusses how values provide important guidelines for behavior and influence attitudes. There are different types of values, such as instrumental values and terminal values. Values are different than facts in that values represent personal beliefs about what is good, while facts are objective statements. The document also outlines the importance of values for organizations in contributing to shared meaning and culture, and how values are relevant for managers in decision-making and social responsibility.
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A PPT ON MICRO FINANCE BY :- GAURAV BHUT
Microfinance in India provides financial services to the poor who lack access to traditional banking. It began as social initiatives but is now a profitable sector. Key challenges include high transaction costs due to information asymmetry about clients and their loan usage. Most clients are rural with low literacy and lack collateral. Staff training and motivation are also issues. Government programs and microfinance institutions have expanded access but large gaps remain, with 500 million people still unserved. Future growth requires addressing demand, scaling up, using technology, and offering more products like insurance to increase impact.
Internet banking
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The document discusses the future of eCommerce in India. It notes how eCommerce in India has improved with technology and better integration but information still flows mainly one direction from retailers to consumers. It suggests crowdsourcing eCommerce functions like category management, content editing, and product design to community members. This will help build trust, transparency, and empower consumers. It outlines opportunities for assisted eCommerce using affiliate-based communities and human product filters. The new ecosystem would leverage social shopping sites, niche vertical sites, and affiliate marketing to connect consumers with multiple fulfillment vendors and content providers. Key considerations are ensuring minority views are represented and incentivizing community contributions.
E commerce, benefits, drivers,myths and realities
E-commerce refers to the buying and selling of goods and services over electronic systems like the internet. It allows organizations to expand their markets and reduce costs. Advantages for customers include lower prices, more options, and convenience of shopping from home. However, e-commerce also faces disadvantages like security issues, hidden costs for customers, and the need for ongoing investments and expertise by businesses. Successful e-commerce requires an understanding of the fundamentals, substantial quality content, and a focus on excellent customer service, which research shows customers value over lower prices. Major e-commerce companies in India are expanding their businesses through both online and offline retail channels.
E -COMMERCE
E-commerce refers to the buying and selling of goods and services online. The document discusses the major categories of e-commerce including business-to-business, consumer-to-consumer, and consumer-to-business. It also outlines the basic components required for a successful e-commerce model including consumers, businesses, content, and community. Finally, it discusses some of the technical components behind e-commerce websites like web servers, databases, and payment processing as well as both the current growth of e-commerce in India and its future potential.
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KYC guidelines require financial institutions to verify customer identities and monitor transactions to prevent money laundering, terrorist financing, identity theft and other illegal activities. The RBI's KYC guidelines include having a customer acceptance policy, customer identification procedures, monitoring high-value and suspicious transactions, and implementing risk management practices. Financial institutions must know their customers to comply with KYC regulations and protect themselves from illegal activities.
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A digital shift is taking place globally over wide range of sectors to stay ahead in the competition in their respective fields to which banking industry is no exception. Digitalization is inevitable for banking industry and hence "Hop on the digitalisation express" should be the goal of every bank in the world. The financial landscape is on the verge of change and has essentially revolutionised the business model of banking industry. In the new digital era, increasing expectations of the customers across all delivery channels, be it ATM, Internet banking or mobile banking is a standard requirement. Customer centric digitalised operations will increase the efficiency and effectiveness in banking services in the challenging, dynamic environment. Millenials are more eager to do their banking transactions and financial planning via e-banking and hence a key to success of banks is offering everything on electronic media. Projecting the banks offerings on third-party sites and providing value added services on mobile application using the open API economy will be crucial too. Not only are the Customers, the key players of digitalisation as the banks are constantly striving hard to remain one step ahead of customers but also the competitors and the regulatory agencies are acting as drivers to digitalisation. Customers expect a seamless multichannel experience and a consistent, global service from banking sector. Samita V. Dalvi "Digitisation in Banking" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Special Issue | International Conference on Digital Economy and its Impact on Business and Industry , October 2018, URL: http://www.ijtsrd.com/papers/ijtsrd18704.pdf
Reimagine Banking in 2025: How Will IT Change the Way We Do Banking?
Banking in 2025 will see significant changes in technology that impact how customers interact with banks. Personalized high-touch service will still be important but will be enabled through new technologies like beacon tracking and virtual/augmented reality. Customers will have more direct self-service options through improved digital and mobile banking platforms as well as next generation ATMs and smart watches. Payment systems will increasingly integrate new technologies and see the rise of digital/mobile/contactless payments and peer-to-peer transfers. Banks will need to focus on better communication and creating truly trusted relationships through always-on conversations on customers' preferred channels to maintain relevance in this changing landscape.
Revolution in banking industry
The Banking Industry had never thought to change before the Information Technology, after the Information Technology the rest is History.
Jinit SIMSREE
The document discusses the opportunities and need for banks to expand their digital operations. It notes that some private banks have started scaling up their digital offerings, but more work is needed, including restructuring organizations to support digital strategies. Data shows growth in digital banking transactions like RTGS and NEFT in India. The document outlines strategies banks can take to develop their digital presence, such as focusing on infrastructure, data, customer experience, analytics, and removing organizational barriers between departments. Going digital can help banks gain more customers and transactions over time.
THE TRENDS OF INDIAN RETAIL BANKING SECTOR IN 2018
The Indian FinTech scene comes with an added extra; new initiatives by the government to boost financial inclusion and promote a cashless society have opened windows of opportunities for FinTech companies where first mover advantages are tremendous. As a result of the government’s initiatives, there has been a sharp increase in consumer adoption of FinTech. EY, one of the big four consulting firms, in their FinTech Adoption Index for 2017 states that 52% of India’s digitally active consumers are adopting FinTech; a figure that is only second to China’s 69% which is the global highest.
new face of banking sector part-2
The document discusses the transformation of the banking sector in India over the past decade. With the entry of private players and focus on consumers, banking underwent significant changes with the introduction of new technologies and channels like ATMs, internet banking, and mobile banking. This allowed customers to conduct transactions outside of traditional branch banking. The Reserve Bank of India has introduced new payment systems like NEFT and RTGS to modernize transactions. Going forward, RBI is looking to develop new real-time payment systems like "India MoneyLine" to allow 24/7 funds transfers.
new indian banking system part-3
The document discusses the transformation of the banking sector in India over the past decade. With the entry of private players and focus on consumers, banking underwent significant changes with the introduction of new technologies and channels like ATMs, internet banking, and mobile banking. This allowed customers to conduct transactions outside of traditional branch banking. The Reserve Bank of India has introduced new payment systems like NEFT and RTGS to modernize transactions. Going forward, RBI is looking to develop new real-time payment systems like "India MoneyLine" to allow 24/7 funds transfers.
IRJET- Digitization not a Choice but a Necessity for the Indian Banking Industry
This document discusses the necessity of digitization in the Indian banking industry. It notes that customer expectations, competition from fintech startups, and government initiatives like demonetization are putting pressure on banks to adopt new digital technologies. The document outlines how the Indian banking system has evolved from conventional to digital banking over time through the introduction of technologies like ATMs, online banking, mobile banking, and core banking systems. It describes some emerging technologies being used by banks like artificial intelligence, blockchain, and biometric security. The document concludes that while digitization has transformed the banking sector, technology alone cannot improve people's lives and that a digitally connected India requires other development efforts as well.
Technological impact in Banking Operations
Technological impact in Banking Operations
3rd unit notes of Principles and Practices of Banking
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Future of banking in India- Opportunities and Challenges
- 1. Application Number- 927ab278e45211e9928e018d7b218432 Name- Prathamesh U Tawade Affiliation- Assistant Professor Email Id- Prathamesh@somaiya.edu
- 2. Future Of Banking In India- Opportunities and Challenges
- 3. From Paper to Paperless, Presence to Presence-less "CC BY-SA-NC"
- 4. The Connectors • 1.23 Billion- Aadhaar Cards Generated in India (AS on February, 2019) • 1.01 Billion- Number of Cell phone users in India (AS on April 2018) • More than 500 Million- Internet users in India "CC BY-SA-NC"
- 5. The Future Of Banking Is Here….. • Bank is becoming more convenient thanks to Internet • Future of the banking sector is growing increasingly digital • Today’s age is digital and hyper connected environment • Future of banking in India will revolve around – Digital, IoT and Cognitive technologies "CC BY-SA-NC"
- 6. Digital Banks • Changing customer expectations in the digital age is forcing banks to rethink their strategies • Customers are expecting more flexibility and interactivity through digital platforms • Expectations of the digital natives are of instant and 24/7 contacts through digital channels "CC BY-SA-NC"
- 7. Digital Banks- Indian Examples "CC BY-SA-NC"
- 8. IoT (Internet Of Things) • There will be 25 billion smartphones, smartwatches, wearable, connected cars and other connected devices by 2020 • ATM is an early prototype of IoT • Banks are turning towards new IoT technologies to enhance the user experience and reduce cost • Use of Beacons in banks for sending customized offers to the customers smartphone as soon as they enter the branch • RFID enabled banking cards issued by Dena Bank "CC BY-SA-NC"
- 9. Artificial Intelligence and Cognitive Technologies • AI and Cognitive technologies can transform both front and back office • ICICI has deployed more than 200 software robots across 200 business process functions, reducing the response time to customers by 60% • Canara Bank has introduced two robots for customer care at two of its offices in Bengaluru "CC BY-SA-NC"
- 10. Artificial Intelligence and Cognitive Technologies • ICICI Bank has launched Voice Recognition Services where voice will act as a password • CITI Bank is using Voice Recognition System for Locker operations • The Chatbot combines the benefits of virtual and human assistance and provides a differentiated customer experience. • Kotak Mahindra Bank (Kotak) has launched Keya - India's first AI-powered voicebot in the banking sector. Integrated with Kotak's phone-banking helpline, it augments the traditional interactive voice response (IVR) system. "CC BY-SA-NC"
- 11. What It Has Or Will Offer? • Customer Service • 24/7 Connectivity • Online Bill Payments • Lower Overheads "CC BY-SA-NC"
- 12. Can You, Me and We will be replaced? • When it comes to money, sometimes we still talk to the trained professionals • ATMS were developed in 1960’s and popularized in 1970’s and 8o’s and was likely to replaced human tellers, but 2019 still most banks have tellers • Problems resolutions must be done “neatly” • Still we require human touch (For example Senior Citizens, Customers in Rural areas etc.) "CC BY-SA-NC"
- 13. Men And Machine Will Work Together "CC BY-SA-NC"
- 14. References • Sanat Rao, 2018, How banks can ride the artificial intelligence wave, Mint Newspaper Dated 19th January 2018 • https://www.techemergence.com/ai-applications-in-the-top-4- indian-banks/ • https://www.newgenapps.com/blog/applications-artificial- intelligence-machine-learning-in-banking-finance • https://www.icicibank.com/aboutus/article.page?identifier=news -icici-bank-introduces-software-robotics-to-power-banking- operations-20160809103646464 "CC BY-SA-NC"
- 15. Acknowledgment • SWAYAM Course Academic Writing • S K Somaiya Degree College Library • S K Somaiya Degree College, Banking & Insurance Department "CC BY-SA-NC"
- 16. Feedback on Academic Writing Course • Changed the mind set and the way I started looking at academic writing • Helped me in my PhD Preparation • Given a new way of thinking for writing books "CC BY-SA-NC"
Editor's Notes
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