Dun & Bradstreet, the world’s leading provider of global business information, knowledge and insight; in association with Entrust Datacard and Infrasoft Technologies Limited asco-partnerorganized the 3rd ‘Digital Banking Summit’ in Mumbai today. The event was held at Hotel Four Seasons, Worli, Mumbai.
The Indian Banking sector has been in the spotlight owing to the recent demonetization announced by Government of India on 8th November 2016 to curb black money, fake currency and adverse impact of high value notes on inflation. The initiative has improved penetration for digital transactions led by digitally aware population in the country. The demand for mobile wallets and e-payments is set to witness a tectonic shift with higher adoption caused by behavioural change owing to curbs on liquid cash. Besides, the greater adoption of new age technologies like bitcoin and blockchain are growing at a faster pace across multiple segments and industries.
The Boston Consulting Group (BCG), Google Digital Payments 2020 said in a report, "The use of mobile internet is growing sharply. The number of users accessing internet services on mobile is expected to reach 3 billion by 2020, covering 65 percent of the world's adult population as compared to approximately 1.9 billion in 2015.”
The Digital Banking Summit is a national platform where leading corporates across the digital banking universe in the country come together to discuss, analyse and educate each other on trends that are defining the industry and challenges that have to be overcome to assure sustained success.
“In this season of Black Swan events, here in India, we received a new jolt, demonetisation. It is a positive long term move but has adverse short term ramifications for the Indian economy,businesses and consumers. This audacious initiative to curb the shadow economy left little time for people to deal with their unaccounted cash and has imposed severe costs and risks for them. ” said Mr. Kaushal Sampat, President and Managing Director, Dun and Bradstreet, India in his opening remarks.
He further added “ This is a troubling yet exciting time for the banking industry. The sector has seen massive changes over the last decade. We have come a long way from our traditional banking systems to create modern banks and a digital future beckons.”
Mr. M. Narendra, Former Chairman & Managing Director, Indian Overseas Bank said “ Digital Banking is a game changer in current India’s transformation & Digital India. Enhanced value creation and new differentiated factors towards customers digital delight is need of the hour. Banker will reap benefits by early adoptability and change”.
The event witnessed 2 interesting panel discussions on Artificial Intelligence, IOT &Blockchain- The Next Technological wave in banking services to create, build & maintain a truly Digital Bank of the future and A tactical approach to Omni-Channel strategy, Branch Transformation, Digital Trust & Big-Data Analytics for enhanced CX and leading in an era of Cognitive Banking.
Speaking at the panel discussion, Mr. Rishi Gupta, MD & CEO, FINO PayTech Limited said, “Technology led disruption is changing the way we do banking. In this scenario we need innovative new-age strategies to enhance customer experience. D&B’s event is an apt platform for domain experts to come together and exchange ideas on various aspects of Digital Banking.”
Apart from top representatives of state-owned and private banks, senior officers from the Department of Financial Services, Government of India graced the event.
About Dun & Bradstreet (D&B):
Dun & Bradstreet (NYSE: DNB) grows the most valuable relationships in business. By uncovering truth and meaning from data, we connect customers with the prospects, suppliers, clients and partners that matter most, and have since 1841. Nearly ninety percent of the Fortune 500 and companies of every size around the world, rely on our data, insights and analytics.
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