Information technology is one of the most important facilitators for the transformation of the Indian BFSI industry. The technological evolution of the Indian banking industry has been largely directed by the various committees set up by the RBI and the government of India to review the implementation of technological change. Modern technologies like Big Data and Cloud computing are driving the BFSI industry to major extent. However, how will we use technology to reach out to the vast unbanked population and, at the same time, give a better and more user friendly experience? This is the biggest challenge and opportunity facing the Indian banking industry.
A business efficient banking model with progressive intervention of government and regulator needs to be promoted to overcome this challenge and garner the opportunity of optimum utilization of technology for easing the banking processes as well as baking the unbanked.
eGov BFSIT Summit resonates with this thought and brings on one platform the four pillars of Indian Banking vis-à-vis Government, Regulator, Banker and Industry for deliberations on growth of banking industry in India