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The technology sector will lead the economic growth of the region and fintech will be at the forefront. As consumer preferences and behaviours have shifted in the wake of the COVID-19 pandemic, digital is becoming the primary way for customers to engage with their banks. This trend, combined with growing competitive pressures from more nimble start-ups, is accelerating the need for credit unions and community banks to adopt a complete, end-to-end, digital banking platform. Now the Cloud technology is reshaping the way banking services are created and delivered in our digital world. It is providing the service providers the ability to quickly adapt to market changes and make it easier for community banks and credit unions to consume new software. Financial institutions need to rethink and reimagine how you serve your customers and remain relevant in a rapidly changing, digitally-centric world. One big change that has happened and which went under appreciation is that the distinction between corporate banks and retail banks has lessened much. Between 2016 and 2019, banks were trying to come out of corporate banking. Today, the balance sheets of the top four-five banks in India show that almost all of them are 50-55% retail and 40% corporate. Therefore the balance sheets have also converged a lot and the entire distinction between corporate banking and retail banking has faded away.



We live in an era where more people have mobile phones than bank accounts or a credit history that can be reliably used to underwrite. If you look at what is happening in the world, clearly there has been a value migration from pure banking entities to some of the fintech entities whether they are in payment systems or whether they are on the internet selling part of financial products. The same thing would also happen in India. Growth of Fintech brings substantial value creation from some of the niche business models . Today,.