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Online Banking Will Kill Brick and Mortar Banks: Amitabh Kant
June 15, 2017
Powered by technological advancements and low-cost online transactions, online banking will lead to the demise of the physical banks, NITI Aayog CEO Amitabh Kant said today. He also said that in the next five or six years it would become extremely difficult for the physical bank to survive as their costs will become too high.
According to Kant, fintech firms are easily able to do analysis and provide loans to candidates with high creditworthiness as internet-based transactions and mobile phone usage continues to increase, claiming that cost of customer acquisition has dropped to just 1 USD in India in comparison to Europe and USA where it’s USD 28-30.
