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How beneficial use of technology is in the banking sector for empowering people?

By Vinod

New Delhi, Aug 21: Like many other sectors, banking industry too is undergoing many changes that included use of technology which are called fin tech (financial technology). Many new products are introduced in the banking sector that included use of BHIM App for money transfer, direct benefit transfer (DBT), social inclusion through banking with the use of technology, social participation even in the remote areas of the country befitting rural and poor people.

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Gopal Krishna Aggrawal, one of the organisers, told One India that what changes the banking sector was witnessing that would be part of the discussion at the India Banking Conclave and how it is helping poor and rich alike. How Jan Dhan accounts under the government's JDY are helping poor people, Then there is I-Pod banking that is a new thing for the banking sector, Indian Postal Bank and many other similar things are getting introduced with the passage of time.

Organisers say that discussion will be targeted at the convergence of the policy and regulatory framework with the evolving technology. Now, banks are rapidly reaching out to most Indians, so can technology make their transition towards being consumers of other financial products friendlier; how financial technologies can make the transition swifter. All these will be part of the deliberations and its benefits too will be discussed.

They have also said that these discussions will help us understand two things; 1) How technology is growing leaps and bounds to make human efforts - physical and mental - easier in the financial market especially banks; 2) How ready Indian banks are to adopt and adapt these technologies to make their delivery of services and operations more efficient. The banking sector globally is making way for technologies, such as block chains, artificial intelligence, internet of things (IoT) and robots (bots). For a country like India a discussion on these issue will help in many ways.

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