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RAPPORT

Banking in the age of disruption

Digital innovation transforming the financial services industry

The financial services sector in the process of undergoing a massivve transformation. According to EY's Global Consumer Banking Survey 2016, one in three consumers believes that there will not be any need for traditional banks in the future. The threat to banks' relevance is due to changing customer demands, increased regulatory scrutiny and advent of disruptive technoligies.

In line with their global counterparts, Indian baks are also facing profitability pressures. Detoriation in asset quality and capitalization challenges continue to plague many banks. Moreover, the competitive scenario is intensifying in the Indian financial services landscape with the emergence of FinTech players and differentiated banks (paymet bankd and small finance banks).

Banks the world over are focusing on digital innovations to enable them to face these impending challenges. As traditional banking models are facing pressure, digitization provides the greatest opportunity to reinvent operations. Techlogy-enabled trends, such as cloud computing, analytics, robotic process automation (RPA), block-chain, the internet of things (IoT) and artificial intelligence will individually as well as collectively drive this transformation process. The key areas that banks need to focus on include:

  • Disruption in the payment landscape.
  • Building stronger customer connect and leaner organization through analytics.
  • Tackling cyber risks in the digital age.
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