While certain digital savvy banks have built trust among customers, fintech firms bring in new technology so as to reach out to more users and also innovate new products and features to make any transaction easier and convenient. Apart from tie-ups, a few banks have their own financial subsidiaries that offer various financial solutions to customers.

The new age technologies like AI, ML, RPA and Cloud Technologies play a crucial role. Banks can optimize banking operations including customer onboarding by preventing frauds, building suitable product recommendations, and more. A fully-equipped and developed digital lending software can offer myriad benefits to accelerate digital lending, allowing banks to disburse loans faster.

Now, Digital banking has ramped up the customer onboarding rates, and with growing numbers of customers also comes an increased amount of data. Cloud technologies are the most optimal way to store, organise, and retrieve data.

Secondly, Financial Application Programming Interfaces are one of the most important technologies used in digital banking. APIs connect with the application and allow interactions, transactions, payments, and sharing of information.

Most banks have access to various windows to buy technology, they have access to various consultancies to implement technology, but the key is how the organisation can be flexible enough, be adaptive enough to that change and re-engineer itself. And that is what will define success.

Today's Headline in NewsHours
0:00 Intro
2:13 Govt spent Rs 401 cr on ‘Beti Bachao, Beti Padhao’ ads since 2015
2:45 #Paytm’s 2020 data breach exposed 3.4 million customers’ data
3:23 #RoshnNadar remains richest Indian woman
4:10 #MapMyIndia launches ‘Mappls RealView’
4:46 As many as 1,122 URLs blocked on Twitter, says IT minister


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