Banking Service Outsourcing in India
“The world needs banking, but it does not need banks.” Bill Gates foresaw the impact of technology on banking in the early 1990s when he made this statement. The tech guru wanted to highlight that through banking as a service will prevail, the brick-and-mortar will gradually become obsolete. And this is the reality of today’s banking sector. Mobile banking has taken over bank branches, traditional has given way to digital and human interactions have taken over by chatbots. Artificial Intelligence, Machine Learning, Robotics Process Automation, and Cloud computing were yesterday’s buzz words but are a reality today. As millennials grow more accustomed to technological disruption, they’re demanding equivalent advancement from their banks. Heightened expectations of the Gen Z consumers, influenced by mobile technology, social media and readily available competition to take their business elsewhere has exponentially modified banking and finance sector. Financial institutes are adopting