Banks must digitise to stay ahead: Report

Banks must digitise to stay ahead: Report

Digitisation of banks is not only the current trend, but it has also become the need of the hour. ‘Banks Taking a Quantum Leap Through Digital’, a joint report by the Confederation of India Industry (CII) and PricewaterhouseCoopers (PwC) states digital intervention is a reality in today’s banking business and banks need to adapt and respond to this change to stay ahead of competition.

The report was released by RBI Deputy Governor H R Khan, National Payments Corporation of India MD and CEO A P Hota and IDBI Bank Chairman and MD M S Raghavan at the CII BANKing TECH Summit here on Tuesday.

It, says the digital foreground has presented banks with a huge opportunity to attract new customers, lower costs, develop new propositions and business models, as well as explore customer value to its maximum. To create a digital environment is now a priority for all banks and they need to undergo considerable investment for complete transformation.

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