Banking - a combination of trust & technology
Banking Frontiers organized its twin conference cum awards functions - Technoviti and Finnoviti - in Mumbai coinciding with IBEX 2019. Excerpts from the keynote addresses at the conferences:
banking industry has grown because of the underlying trust among the customers and that trust cannot be granted by the system alone.
We need a face. If we do not have a face, then naturally our customers will not have trust in us. For example, a family doctor is an institution which is unique to India. People have lot of faith in the family doctor; they believe if we consult our family doctor, he will solve all our health problems. It is true medicine helps, but the real cure comes from the patient’s inner feelings, his or her trust in the family doctor. For a long time, the banking industry in India has been existing on trust.
We cannot run big and complex organizations like banks without the technology. Along with the trust reposed by the customers, banks depend on technology too. Many Indian banks have become transnational and it is technology that helps them in expanding their operations beyond the borders. Banking sector has seen innovations in products and services. Another aspect is the security of the transactions and security is an important aspect when it comes to technology. Companies need more technology to temper with the earlier technology. I was managing director of the Saraswat Cooperative Bank and it is one of the first banks to use aggressive technology in India.
Technology, however, creates faceless banking and it is a challenge faced by most of the banks in India. Banks need to make sure that the person behind the bank is also the same person who is visible as technology. It is the challenge faced by the most of the BFSI companies in India.
Technoviti is a platform connecting bankers with service providers. Convergence is the key for future banking. The balance should not be tilted, and one of them should not get favoured. The convergence of banking professionals and technology providers is going to be the key for the future banking, and personal relationships will drive banking for the future. Technology will bring efficiency and scalability. For example, the passbook printers have freed lot of manpower. However, it is necessary that we should try to keep balance between technology and the people.