economy

Evolving tech still dont have relevant use cases in banking: Deepak Sharma

Evolving tech still dont have relevant use cases in banking: Deepak Sharma

Traditional banking as we know it is undergoing a massive transformation and coronavirus pandemic has accelerated the trend. In this context, the 14th Mint Annual Banking Conclave brings together a wide gambit of speakers to delve deep and understand the transformation and what lies ahead in the future. Speaking on the impact of digital transformation on banks, Deepak Sharma, President and Chief Digital Officer of Kotak Mahindra Bank said evolving technologies still dont have relevant use cases in the financial services. V V Balaji, Head, Business Technology Group at ICICI Bank, said mobile banking has penetrated deep into the country even in the hinterland areas. “Even in villages, they use quite a bit of tech these days. We Indians dont have too much legacy, which is an advantage and Indian banks are adopting very fast, Balaji said. Indian banks dont have a legacy which is an advantage in terms of migrating to new technology, V V Balaji further added. On blockchain technology, HDFC Banks Anjani Rathor said the good thing about blockchain is that it needs a network. On the automation and other technologies penetrating banks, Hemant Dabke, Senior Director, enterprise sales of Uipath said theres still a psychological barrier in automation, especially when theres the tendency to throw more. “The other bigger problem is the ecosystem. How do they engage with the larger ecosystem. Download.

economy 2021-12-15 Livemint