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Indian Banking Reaches New Heights with Digitalization, Drawing Parallels to Apple's 2008 Revolution, Says Industry Expert KV Kamath
November 09, 2023
Indian banking has undergone a transformative journey, akin to Apple’s game-changing moment in 2008, due to the widespread adoption of digitalization, according to renowned banking expert KV Kamath. Speaking at the ETBFSI Converge 2023 event, Kamath, Chairman of NaBFID and Jio Financial Services, highlighted the banking sector’s evolution into a multifaceted marketplace offering various products and services beyond traditional banking.
Comparing the current banking landscape to Apple’s revolutionary iPhone launch in 2008, Kamath emphasized the pivotal role of technology in shaping the industry. He noted the significant democratization and digitalization in banking, emphasizing the need for profitability alongside growth. While acknowledging the commendable efforts of fintech companies in building robust platforms, Kamath cautioned against a sole focus on customer acquisition without ensuring sustainable revenue generation.
India, he said, is poised for remarkable growth over the next 25 years, with a potential 8% growth rate. Kamath credited this optimistic outlook to several factors, including the successful integration of 600 million previously unbanked Indians through the Jan Dhan initiative, advancements in cloud technology enabling cost-effective operations, improved corporate performance post-Covid, and the data revolution connecting every Indian citizen.
Kamath’s insights shed light on the industry’s trajectory, highlighting the fusion of technological innovation and strategic initiatives that have reshaped banking, making it an integral part of everyday life for millions of Indians.
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