The BW Businessworld Magna Awards 2018 witnessed an informative panel discussion on the changing landscape of the banking industry. The panelists included V. Parthasarthy, Group CFO & Group CIO, Mahindra & Mahindra and Adhil Shetty, Founder & CEO, BankBazaar.com moderated by Hemant Jhajhria, Partner, Financial Services, PwC India.
While discussing the challenges of the banking industry, V. Parthasarthy pointed out crucial growth areas for the banking industry.
"According to me, the challenges faced by the banking industry, technology is one of the most primary challenges along with experiential e-commerce which is the second most structural challenge and the third and the most important one is adopting digital methods for providing services to the customers," said, V. Parthasarthy, Group CFO & Group CIO, Mahindra & Mahindra.
Adhil Shetty, Founder & CEO, BankBazaar.com at the panel discussion discussed the new generation of banking customers in the digital era.
"The Indian digital consumer is the new type of consumers we are witnessing today. These customers are not restricted to banking because this is a natural phenomenon. Due to the increase in services on the small screenshot (mobile phones) banks are now realizing that customers expect digital services. 100% paperless banking transactions need to be introduced in the country that would automate most of the processes and help banks realize consumer's demands at the right time."
While commencing the discussion both the panelists shared their thoughts on the need for banks to collaborate with FinTech organizations.
"Fintech has revolutionized the banking industry today and now the banks must take the opportunity to embrace it," said V. Parthasarthy.
Adhil Shetty opined, "One thing we realize is banks have tremendous potential to expand with the help of Fintech. They need to reach out to these organizations because for Fintech the processes are way more complicated and expensive."