Tech advances have eliminated size as an advantage in providing excellent services, winning customer loyalty, aggregating and analyzing data, and building networks of capital. Alternate investment banking paths such as special-purpose acquisition companies, payment platforms, and start-up capital platforms have emerged- offering high levels of personalization, zero friction, agility, interoperability and secure storage, among others. If we look at the stats, we will see that India’s digital banking platform market was worth $ 776.7 million in 2021 and is further expected to reach $1,485.5 million by 2028, growing at a CAGR of 9.8%.
Having said that, the financial sector handles voluminous amounts of data for a potent banking experience. Fast technological advancement and digitization are driving banks to invest massively in cloud environments to make banking processes simpler. One of the aspects of it is data analytics- to give them an edge against the competition, to predict emerging trends, and keep up with customers' expectations. Now the ask is- What are the arising patterns of data and analytics in future? How will they unleash the power of it together with cloud innovations?
Balaji Narayanamurthy, President & Head BIU, Axis Bank Limited
Anil Kuril, CTO, Union Bank of India
Abhijeet Bhattacharjee, CIO, Utkarsh Small Finance Bank
Moderator: Jaspreet Singh, Partner, Grant Thornton Bharat