India to nurture ‘model banking of the future’ riding on open stack technology
Mumbai — Indian banking has the opportunity to be the poster child for modern banking paradigm globally. India has already shown the way in payments via UPI. The same approach needs to permeate lending and data. Retail payments today, match the heft of Indian software services in bringing global acclaim to India. Over half of the valuation for Fintech is accounted for by payments. Conversations on UPIs have gained momentum, pointing to the potential scale and growth that is yet to be explored with regards to the platform. In the next 5 years, as Indian banks extend UPI’s underlying open stack philosophy from payments to lending and daily banking, they would be nurturing the “model banking of the future”, according to the latest report by Boston Consulting Group (BCG), in collaboration with FICCI and IBA, titled, “The Poster Child”.