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Some of the trends that will reshape Indian banking are as follows:
In 2017, many banks have already introduced and are operating their open, unified solutions and many more are likely to follow. Consequently, this will facilitate the creation of a well-connected financial and non-financial ecosystem of multiple, interconnected services and service providers.
The recently launched Unified Payments Interface (UPI) by the National Payments Corporation of India (NPCI) will particularly serve as a gateway to future innovations in the open banking domain. UPI also promises to enable payment service platforms to enhance their products and offerings without being bound by account relationships. Customers today desire maximum flexibility, which unified interoperable interface guarantees, allowing for innovation among service providers to drive improved customer experiences.
Cloud computing is the one technology that supports many other disruptive technologies such as Big Data, artificial intelligence (AI), blockchain, IoT. The more progressive banks around the world have already made significant headway with the adoption of cloud computing, and Indian banks are fast warming up to its many benefits. They have begun to realise the degree of agility it brings into business. As a result, business models for banks in the future are expected to give much greater emphasis to cloud computing.
Blockchain will be a substantial force enabling banks through the process of reinvention and satisfy increasing customer demands.
Artificial intelligence (AI) has the potential to transform both front office and back office operations with its self-improving programs. The brilliance of AI has already been evident in the enhanced customer experiences and seamless, differentiated services on digital channels. It has also helped in creating advanced security measures by integrating with banking infrastructure. The self-learning capabilities of these programs help them get better with every subsequent interaction.
The foundation for the integration and development of any of the above technologies will be the simplification of banking architecture. Complex architecture will be split into smaller fragments for easy deployment and upgradation of certain functionalities. Besides enabling agile modernization to keep up with technological trends, compartmentalization will also allow to mitigate risks associated with specific projects. In addition, banks will be able to enhance their capabilities further through the implementation of enterprise-class applications.
The mobile-first strategy has been adopted by many Indian banks to provide customized offerings through mobile apps. There are other methods of customer interaction besides apps such as smart virtual personal assistants on mobiles that can drive greater, more interactive customer engagement.
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