Dynamics of Technological Evolution in Indian Banking

Technology offers enormous potential and opportunities to the Indian Banking sector. Rapid technological diffusion and entry of non-banking entities like fintechs, bigtechs and e-retailers into financial space have left no scope for Indian banks to delay and deny technological innovations. Given massive technological disruptions in Indian Banking, it is difficult to directly assess the contribution of technology to the performance and profitability of Indian banks. The technology-driven value proposition has eased the process of banking service requirements of customers. The study has administered a survey to understand the customers' acceptability of the new banking technologies. It is seen that customers' demand for convenient and omnichannel seamless services has increased in recent years. Despite the strong rise of the digital footprint of Indian banks, customers prefer human interaction over machines. Although technology is considered as a great customer centric enabler for banks to induce innovation, from customers' point of view, it is not the technology that fascinates them, rather the security and personalised services. As Indian banking has now moved to a new era where investment in competitive and innovative technologies is anew reality, banks need to create public awareness about these latest technologies and handhold the customers to adapt to the digital journey through personalised services with a human touch