The Indian economy is on the brink of a major transformation, with several policy initiatives set to be implemented. Enhanced spending on infrastructure, speedy implementation of projects and continuation of reforms are expected to provide further impetus to growth. All these factors suggest that India’s banking sector is also poised for robust growth as the rapidly growing business would turn to banks for their credit needs. As per the Reserve Bank of India (RBI), India’s banking sector is sufficiently capitalised and well-regulated.
Banks however, have the unenviable task of meeting stakeholders, regulatory and customer expectations whilst complying with stringent new requirements that are gradually taking shape in line with the compliance to Basel III norms. Banks will need to seek more innovative ways of creating operational efficiencies, market differentiation and each bank will need to undertake a deep-dive analysis of its businesses and extract benefits to satisfy all stakeholders. Further, top management will be under pressure to make prudent judgments to reinforce systemic controls. This will need increased dependency on modern technologies driven by IT & investments to be able to manage the kind of data population.
TRENDS IN USAGE OF TECHNOLOGY