How is India emerging as the tech hub for evolving banking of the future?
India is an obvious choice for all major banking and financial firms. The important reason is because India is a high value location. Equivalent skills in technology, operations and finance are available here. The technology skills of the future, like cloud technology, artificial intelligence and machine learning, along with enterprise technology platforms knowledge is there as well. This makes the value India brings to the table exponentially higher.
The global banking industry has started setting up their base here from early 2000s. We have nearly 20-year worth of experience in the space. India now has banking technologists who understand the business and also how to build the platforms supporting the business. Over time, the market in this space has matured even further. Now, various global functions are being run out of India.
The important thing to note here is that along with banking technology presence, there are also businesses, operations and finance teams located here. This makes India a unique value proposition as you can get the whole bank in the setup here. With distances reducing and mind-sets changing, India will continue to rise in this space.
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