Information technology in banking is fast evolving. From enabling banking services to driving transformation in the industry, Information technology holds a promise to change the face of banking in the next few years. New entrants are looking to leverage their existing strengths in the Indian banking arena. The opportunity available to these entrants through leveraging their understanding of technologies and markets they operate in, promises innovative business models with a focus on delivering customer value.
The theme for the Economic Times Banking Technology Conclave 2011 ‘Indian Banking 2015: Towards technology enabled transformation’ considers changes expected in the banking industry. The pace of change aided by regulatory directions, will push banks to direct their strategies to a customer centric focus over the next four years. We can expect to see shifts in the Banking industry unlike any we have seen before, considering the far reaching impact of certain technologies, national initiatives as well as the potential innovation in the business of banking.
KPMG in India presents this whitepaper titled ‘Technology enabled transformation in Banking’ with a view of technologies which could be the change agents in the years to come. While, technology has had a profound impact on all aspects of banking we have chosen to look at Mobile banking, Consumer banking and Payment systems, which we believe are of considerable importance in shaping the industry by 2015. These areas are likely to see the most change from a perspective of customer centricity, speed of delivery and cost of servicing customers. KPMG has had the opportunity to be a witness to growth in the industry through interactions with a number of banks, many of whom we have been an advisor.
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Technology enabled transformation in Banking
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