Sunita Handa, CGM, IT Channels & Ops, State Bank of India:
Earlier, our customers used to visit bank branches, where the cost of transaction is very high; even when customers visit bank ATMs, the cost of transaction is still high, though less than at branches. State Bank of India’s customers have taken their first step of moving towards digitization and we are seeing the advantages. It has made us think why these customers are not using the bank’s app? Why can’t we collaborate with fintechs or small startups in this? Can we do better than that? We can take digitization to its next level through collaboration or by buying fintechs and giving customers that experience which he is trying to get with the help of another entity. The new revolution of open banking or data sharing mechanism is also helping banks, and they must continuously think of innovative ways to give the customers the experience that they desire.
Open banking is when customers share data, an entity holds the customer data, customers gives consent and they hand over their data to another entity. When we give the same experience and product to the customers, then why should the customer go for another app or some other third-party lender? So, we must gear up for it.
The regulator must come into the picture and all the players should get benefits. Banks should become tech-savvy and providers of best digital solutions. The regulator and government must be aware of digital solutions. If these things work together, then it will create a perfect ecosystem for open banking.
Denne historien er fra April 2020-utgaven av Banking Frontiers.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra April 2020-utgaven av Banking Frontiers.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Finance gears up for festivities
BFSI companies are charging their online and omnichannel strategies with personalized festive deals this season:
Non-cash transactions can touch a phenomenal level by 2028
Capgemini Research Institute’s World Payments Report 2025 highlights the era of account-to-account an instant payments:
The Confluence of Artificial Intelligence and Cybersecurity: AI as the Game Changer
In an increasingly interconnected world, safeguarding our digital assets has become paramount. Enter the dynamic duo: Cyber security and Artificial Intelligence (AI).
A new trinity in digital lending space
Three platforms in the lending space are poised to change the way lenders offer credit and borrowers access funds in India:
Finance gears up for festivities
BFSI companies are charging their online and omnichannel strategies with personalized festive deals this season:
Small MFI, International Engagements
Mitrata Inclusive Financial Services in the midst of transformation growth
MFIs: Big Impact Big Changes,
Even as MFIs are fueling economic growth for the underprivileged, what is interesting is that they are transforming themselves in areas like HR, technology, funding, leadership, collections, and more. Banking Frontiers presents the initiatives and initiatives at 9 such organizations:
Climate Risk Forum for CROS
Excerpts from a discussion on shaping the future of climate change resilience in India:
Seamless Supply Chain Finance
Deep insights emerge from this fireside chat at NBFC's Tomorrow Conclave.
Star Health sees strong demand from the IT sector
Biju Menon, Chief Business Officer at Star Health Insurance, looks at the evolution of employee health insurance from multiple perspectives: