Close this search box.

We are creating some awesome events for you. Kindly bear with us.

Tech in the future of Indian banking

India’s Policy Commission or the National Institution for Transforming India (NITI Aayog) organised a conference on Indian banking and the role of technology in its future, earlier this week.

According to a press release, the conference aimed to increase discourse on the banking sector and help develop insights to inform its continued evolution by supporting the growing credit needs of India’s economy.

Predictably, technology was identified as a key factor. It is critical in the financial sector already and will continue to become more important in the future. Technology will not only bring banking closer to the customer, including those in rural areas but also enable the efficient and economical delivery of banking services.

To keep up with “best credit practices and the new technology-based banking paradigm” the adoption of technologies must also come with the appropriate skilling of banking human resources.

Over the last few years, the country’s banking sector realised the need for technologies and began to embrace digital banking. The government started making substantial investments to develop a secure and effective digital infrastructure.

Recently, India has seen an increase in the use of mobile banking, e-wallets, and virtual cards. In fact, according to Reserve Bank of India (RBI) data from a 2017-18 report, mobile banking services witnessed a growth of 92 percent in terms of volume and 13 percent in terms of value. The number of registered banking customers rose by 54 percent to 251 million in 2018, from 163 million in 2017.

In addition, during 2017-18, the number of transactions carried out through credit cards and debit cards was 1.4 billion and 3.3 billion, respectively. Prepaid payment instruments (PPIs) recorded about 3.5 billion transactions. PPIs can be issued as smart cards, magnetic stripe cards, Internet accounts, and e-wallets, among others.

The digital payment application Bharat Interface for Money (BHIM) had over 600 million transactions in January 2019 alone.

These figures are expected to increase over the next few years.

The future of the financial sector is likely to consist of blockchain technology, which will decentralise banking management from a central authority to a widespread network of computers. Better ATMs that facilitate contactless transactions through smartphones and use biometrics will also be available.

AI is not new in India but will be implemented in a much wider variety of banking applications in the future. Many of the country’s banks use chatbots for customer service and some have even placed robots at their offices. According to several industry findings, more than about 36 percent of financial institutions are investing in such technologies, and almost 70 percent are planning to in the future.

Machine learning and cloud computing, which automate many financial services, could potentially replace human staff. Wearables, like smartwatches and smart glasses, might also be a thing of India’s banking future. Smart glasses could process customer banking information for the employee as the employee is simultaneously doing other customer service tasks.

However, moving into the next phase of the digital revolution could come with several cyber threats and lead to digital vulnerabilities. The country’s banking industry must be equipped to handle fraud and cybersecurity risks. Implementing safety features, such as cryptography and biometrics, can help reduce scams.


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit