Bank Of The Future

The Indian banking landscape has been transforming over a decade, from changing customer expectations and evolving technology to innovation in products and services, fueled by a democratised digital infrastructure.

Over the same period, India changed from a savings to a consumption driven economy, with rising incomes and declining household savings. As per RBI data, the disposable income and consumption levels in India have also grown at a healthy rate of 9 12 per cent since 2012/13.

Demand for credit, specifically retail credit, has been rising at 15.7 per cent every year over the past three years. This interplay of factors sets the tone for future evolution of banks to meet the need for better products, especially at the point of consumption. Three factors are expected to impact banks' efforts in building a 'bank of the future': changing