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“Digitization has caused disruption in landscape of banking” said Mr. Deepak Singhal, Regional Director, RBI during seminar on ‘Digital Banking: Challenges and Opportunities at Amity University

Amity School of Insurance,Banking and Actuarial Science (ASIBAS) organized a seminar on “Digital Banking:Challenges and Opportunities” to familiarize the students about the concept ofnew age banking at Amity Campus, Sector 125, Noida.

 

The seminar was inaugurated by Mr. Deepak Singhal, RegionalDirector, RBI, New Delhi, who was the Chief Guest of the occasion; Mr. RakeshSethi, Executive Director, Union Bank of India, Mumbai; Mr. Ashish Bindra, CFO,Amity Group and Prof. R.R. Grover, Advisor, ASIBAS.

 

Welcoming the guests, Prof. R.R. Grover, ASIBAS said that Banking Sector today isa flourishing industry with focus on technological innovation. He commendedICICI Bank for the concept of E-Locker, a revolutionary step towards digitalbanking, wherein a person can store his valuable documents at one centralsecure location. He added that digitization of security is another conceptwhich is a great leveler in developing the economy. He remarked that bankinghas taken to another level with ATM’s for customer convenience and easy cashavailability. Prof. Grover expressed his hope that the deliberations madeduring the seminar will be beneficial for the participants and will result innew ideas.

 

Sharing his views on Digital Banking, Mr. Deepak Singhal, RBI said that the concept of DigitalBanking is engaging the attention of regulators and the world. He further addedthat digitization has caused disruption in landscape of business and haschanged the way we live. He emphasized that digitization has created bothchallenges and opportunities for individuals and organizations worldwide, as ithas resulted in 360 degree competition. He apprised that many inventions andrevolutions have taken place in the history of banking but no such things havechanged the business of banking as fast as the e-banking revolution. Mr.Singhal highlighted that India is a country of huge demography but there arenot enough number of bank branches, therefore, digital banking is beneficialfor those who doesn’t have the facility of physical banking. He further addedthat digital banking has raised a challenge for mobile companies to createtechnology based on the leverage provided to them. Mr. Singhal outlined thebenefits of digital banking for banks including ease of operation, cost saving,easy transfer of payments and improved customer service.

 

Enlightening the participants on thetopic of seminar, Mr.Rakesh Sethi, Union Bank of India said,“Banking is the lifeline of an economy. The present and future of any economydepends upon the success and development of banking. This objective can’t beachieved with the traditional banking as now is the age of technology.” Headded that in the world of digitization, challenges and opportunities bothco-exist as an opportunity for someone, can be a challenge for another. Mr.Sethi highlighted the challenges faced by banks with digital banking includingimplementation of global technology, customer satisfaction, availability ofpersonnel services, handling of technology and confidentiality, integrity andauthentication. He emphasized that many financial innovations like ATMs, creditcards, RTGS, debit cards, mobile banking etc. have completely changed the faceof Indian banking but still there is a need to have more innovative solutionsso that the challenges can be solved and opportunities can be availedefficiently by the banks.

 

During the seminar, Mr. Ashish Bindra shared his views on the challengesfaced due to digitization by a Chief Financial Officer of an organization, hesaid that the Internet offers a global marketplace for consumers and businessesbut it also has been used as a platform for frauds by online criminals. Hefurther added that digitization of cheque process has led to many frauds withinthe organization; hence, it is important to introduce online cheque book toeliminate such frauds. He mentioned that another challenge faced by bankingsector is to integrate digital banking into people who understand technologyand those who don’t. Mr. Bindra encouraged students to take up challenges facedby the sector and bring a transformation for better customer service andeconomic development of nation.

 

The seminar was attended by theprofessionals and big wigs of banking sector including State bank of India,Axis bank, Union Bank of India and Oriental Bank of Commerce, researcherscholars, academicians and students.

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