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Winning in Uncertain Times

Ruchin Goyal Hardik Shah Nishant Mishra Ashish Jindal Ghanshyam Goyal Aryan Ochani Jitin Vohra Karan Bhardwaj

Amidst global economic uncertainties, the Indian banking sector has proven to be a beacon of resilience and growth. But is this trajectory sustainable?

The report, launched in association with FICCI and IBA at the FIBAC 2023 event, outlines five key imperatives. The future of distribution for banks will emphasize on the synergy of physical branches and digital platforms to balance the tightrope of scale and personal touch. Leveraging digital public infra and generative AI will prove to be critical to drive financial inclusion and personalized banking experiences. Armed with these capabilities, banks need to evolve their risk models for more robust underwriting. Finally, the escalating reality of climate change mandates a rejig of operating model and innovation in offerings to leverage it as an opportunity and insulate banks from its threat.

The last 3 decades have seen Indian banks play a significant role in driving the Indian economy. Achieving excellence in the above imperatives is essential to continue this momentum and fortify banks’ undeniable role in achieving India’s $30tn economy by 2047.