These gale winds of disruption and innovation brought upon by technology, regulations and government action, will fundamentally alter the banking industry. Payments, liabilities and assets will all undergo dramatic transformation as switching costs reduce and incumbents are threatened,” said Nandan Nilekani, ex-chairman, UIDAI (Unique Identification Authority of India) and co-founder, Infosys Ltd.
Over the past couple of years, ‘digital’ has been a buzzword in the financial industry. Bank managements devote time to discuss digital strategies during analyst meets, in addition to the usual operating metrics. Amidst all this brouhaha, there are some fundamental questions that must be thought about: is the level of embracement of technology the same among all banks?
