Top public sector bank executives said this at the Business Standard BFSI Insight Summit in Mumbai on Wednesday.
They also underlined that customers are now the centerpiece for banks as they try to innovate to improve their banking experience.
"We as banks replicate the economy, and as long as the economy is strong and robust, the banking sector will be in the sweet spot," said Debadatta Chand, managing director (MD) and chief executive officer (CEO), Bank of Baroda.
The top bankers stressed during a panel discussion that while banks were spending huge money on data analytics and offering innovative products, there was also a need for some caution.
"With the advent of new products, we need to improve our risk management practices going forward. Every bank has to take risks based on their appetite," said Ashwani Kumar, MD and CEO, UCO Bank.
The bankers highlighted that the gap between public and private sector banks on various performance parameters had narrowed in the last few years, with more investments going into technology and talent.
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