What are the recent trends in Indian banking?

Today, we will read about the latest trends that are revolutionising the Indian banking and financial sector.

• Digitization.
• Mobile Banking.
• Unified Payment Interface (UPI)
• Blockchain.
• Artificial Intelligence (AI) Robots.
• Fintech Companies.
• Digital-only Banks.

What is digital disruption in banking?

Digital disruption in the financial sector is driven by factors both on the supply side, mostly technological developments, and on the demand side, accompanied by changes in consumer expectations of service.

What are the current trends in banking?

Most private and nationalized banks in India have started to use chatbots or Artificial intelligence robots for assistance in customer support services. These technologies are made up of machine learning, chatbots, robotic process automation, and intelligent analytics.

What are recent changes in banking sector?

It has shifted from physical banking, which involved customer walk-ins and face-to-face interactions to digital anchors, involving branchless banking made possible by new-age, contactless technologies.

How is FinTech affecting banks?

Fintech empowers consumers to take charge of their financial decisions, leading to much greater financial literacy than ever before. In short, fintech combines traditional financial services with the latest digital technology and Big Data products, making banking customers’ lives easier.

What is the future of banking in India?

The future of banking will be driven by major technological changes and will transform drastically. The future of banking is ‘Digital’. The COVID-19 pandemic has re-designed our lives in terms of how we shop, work, even how we bank, and this has led to a major change in customer behaviour.

What are the key trends affecting banks?

These trends include the ongoing digital transformation, the emergence of FinTech companies, the increasing role of Artificial Intelligence (AI) and robotics, and re-thinking the concept of money.

Why is banking sector down today?

“This is primarily due to change in macroeconomic scenario, marginal increase in slippages and the denominator effect of declining credit growth,” the central bank noted.

Why are bank shares falling today in India?

India’s retail inflation, measured by the consumer price index (CPI), rose to 4.9\% in November, but remained within the upper tolerance band of 6\%. The wholesale price index however rose to 14.23\% in the same month, making it the eighth consecutive month of double digit rise.

What are the latest disruptive technologies?

Here is a list of top disruptive technologies we are seeing in 2021:

• 3D Printing.
• 5G and Improved Connectivity.
• Artificial Intelligence and Machine Learning.
• Automation and Robotics.
• Cyber Security Advances.
• Edge Computing.
• Virtual and Augmented Reality.
• Headless Tech.