While India is turning digital and attempting to become a formidable player in the global arena the road ahead seems too bumpy and accomplishing it poses a huge challenge. The problem lies not in the intent but in the process of implementation and inherent constraints. Even the worst critics agree that given the difficult and varied geographical terrains, uneven levels of literacy and constraints in resources and infrastructure we have come a long way and ours is a work in process.
The banking sector in India with its predominantly public sector characteristic was one of the early players to adopt technology but the pace remained rather slow on account of a host of internal as well as external factors. What dramatically changed the rules of the game was the entry of new generation private players armed with technology which changed the protocol of banking operations. The concept of ‘Anywhere Banking’ in a networked environment gained momentum and found overwhelming customer acceptance. India’s gradual emergence as a software giant also changed the social context and the benefits of use of technology got greater visibility. Competition and customer service became the…
