The Indian Banking Sector - Key Challenges Amidst a Technology Led Revolution
- Maulin Thaker
- May 1, 2021
- 1 min read
The banking sector in India is at a ground-breaking cusp, where traditional state-owned players are facing significant technology disruptions, while digital growth aided by newer technologies is changing consumer mind-sets. While problem loans are a key challenge facing the sector, the government is taking aggressive steps to shift the banking ecosystem to a higher plateau through promising developments in the Indian political, socio-economic, and regulatory landscape amid the government’s efforts to heavily leverage the digital push into the financial services domain. Moreover, the banking ecosystem has now access to differentiated consumer data collection sources, not only resulting in a rapid rise of Fintech players but also aiding incumbent banks in making faster banking decisions.