Pune: Chief Executive Officer of Synechron Faisal Husain, while showcasing the Finlab established at the company’s Pune office recently, said that the willingness of Indian banks to invest and spend on next generation technology is limited.
While speaking about the latest trends in banking globally in light of the quickly evolving technology, Husain said that banks need to invest in electronic banking and other such technologies. “The lack of willingness to invest and spend on next-generation technology is limiting the investments in digitisation by Indian banks. Blockchain systems, Artificial Intelligence User Experience, Digital Branch Transformation and other such technologies are globally emerging technologies. In this change, there are first movers and there are those who follow. Historically, we have not seen Indian banks taking up new technology as first movers,” he said.
He said that in light of attacks on servers through malwares and ransomwares, there is a need for banks to invest in electronic banking and beef up security of their digital networks. “The State Bank of India has devised an innovative digital banking product, which is very cutting edge and impressive. But, there is a need to make it more mainstream and bring it to the masses,” he said.
Husain further said that the introduction of PayTM has brought a shock to the Indian banking system. “There has been some interest for new technologies like Blockchain in India in the post-PayTM era. Certain banks are interested and the Reserve Bank of India is studying Blockchain. It has a lot of scope in India,”
he said.
According to him, the post-PayTM and post-demonetisation era coupled with the thrust on digitisation and financial inclusion will encourage banks to catch up with global technologies and even lead in this race. “A common man should be able to open a bank account from his phone. Money needs to be digitised to ensure quick transfers. There is a need to make technology so easy that an uneducated person can also easily use it,” he said.
He further said that while Synechron is devising these technologies and is based out of Pune, the company does not have any Indian clients.
