BS Banking Annual 2017: Bringing About A Transformation In Banking
Digital payments, blockchain, artificial intelligence and robotics will revolutionise the way banks function and engage with customers
Ramkeval Patel, 42, a vegetable vendor in Mumbai’s suburb of Andheri, is fearful of banks. Paperwork to open an account or even depositing money in a branch overwhelms him, and automated teller machines confuse him. But his family in Uttar Pradesh’s Deoria district depends on his money for sustenance.
A vast majority of Indians engaged in the informal economy has the same story to narrate. But there has been a revolution in the country’s banking industry: the cumbersome paperwork of completing the know-your-customer (KYC) process is becoming a thing of the past. Today, ...
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First Published: Mon, January 15 2018. 20:24 IST
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