Driving business agility for global banking and fintech leaders

The banking sector has evolved and improved over the years. It is now possible for a person in a small village of any state in India to have a functioning bank account. This person can also monitor to his or her bank details via a mobile phone. He or she does not need to be present at the bank in order to carry out his or her financial transactions. The banks have also been working tirelessly to provide facilities that keep the customers happy and satisfied while carrying out their transactions. This, in turn, has led to further innovation and motivation for the banks to keep improvising and changing with time, in order to keep up with the customers’ needs and requirements. The banks have been upgrading themselves by adapting to the needs of the customers and are resorting to the implementation of many core banking services . There are many companies that offer a variety of solutions to banks and other financial institutions in order to help them fix issues related to core bankin...

Businesses in India have been growing rapidly over the past few decades. In order to run these businesses, one needs capital and a smooth functioning of the inflow and outflow of cash, which helps facilitate the purchase and sale of goods. There used to be a time when the dealings between the customer and the retailers used to primarily be in the form of cash. With the growth of the banking system, these dealings have stopped being only in form of cash and have now moved to the digital platform. This has made life more convenient for people. Banking systems have also adapted with time in order to make the customer experience as stress free as possible. There have been huge changes that have been integrated in the core banking architecture of financial institutions. These changes have facilitated the smooth running of operations, which is beneficial for the customers. The customers are now easily able to transfer funds at the click of a button or by tapping on their phone’s touc...

The banking sector in India has undergone great change in terms of its customer facing processes. Although there are several factors triggering these changes, it can be safely said that the major impetus was provided by the government through its programs. In the last few years, a massive campaign has been launched by the government to promote the financial inclusion of the masses, through digitalization of financial activities. The most remarkable aspect of this is the introduction of Aadhar cards, a biometric identity for every citizen of the nation, and the directive to link the cards with bank accounts. At the same time, the government has also passed the ordinance bill for demonetization, rendering two high denomination currencies invalid, which eventually provided a great push towards the adoption of digital payments. Several surveys have reported that in the last two years, the digitalization of the banking system has witnessed a growth like never before. Retail banking is...