The Poster Child
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.
Trends that will change the banking industry include 100X explosion in machine readable data for lending, extension of open stack beyond payments to lending and daily banking, drive of credit to SME and Tier 2 (and beyond) India through embedded finance and focus on sector specific digital ecosystem finance solutions.
Looking at these trends, there is a need for the banking industry to come together for industry wide initiatives to strengthen the position. This FIBAC report, launched in association with FICCI and Indian Banks’ Association (IBA) at the FIBAC 2021 event, highlights the key imperatives for banks, regulators and government bodies to come together to leverage tech, AI and Open Stack to make banking a poster child of resurgent India.