Banks will survive on adaptability for new technology: Ashwani Kumar

Ashwani Kumar, Chairman and MD, Dena Bank
while inaugurating the seminar  

29/09/2017

PUNE: The future of banking industry depends on the adoption of technology with ingenuity of human mind. The traditional banks will have an edge over new entrants as they are sitting on a gold mine of data opined Ashwani Kumar Chairman and Managing Director Dena Bank.

He was speaking on the topic Changing Landscape of Banking Management - a futuristic perspective at the 48th foundation day celebrations of National Institute of Bank Management. Usha Ananthasubramanian , MD and CEO of Allahabad Bank was the Guest of Honour , Dr K L Dhingra , Director NIBM and Dr. K Ramesha Professor and Dean , Research and Consultancy were present on the occasion.

Ashwani Kumar said that during the last 2- 3 years use of technology has become integral to banking operations and has been used for Data Analysis, Understanding credit needs, customer interaction etc. The emerging technological landscape in the financial world will be formidable challenge including its cost factor and at the same time a huge opportunity.

He added that the ultimate beneficiary of technological evolution will be customer whose expectations are rising. It must be kept in mind that 70% of the customers may be below the age of 35 but 70% of the money resides with the customers above the age 40 and a large chunk of them want the things to delivered personally rather than digitally. Banks in order to cater to both these segments should continuously innovate and evolve new business models. 

Usha Ananthasubramanian said that while we improve upon technology for being effective, banking sector should also endeavour to avoid large scale displacement of humans by robots or by artificial intelligence. We are a land of masses and gainful employment of all is the key to sustenance of banking. The higher the employment, the higher the growth will be in our core business. 

Dr. K L Dhingra gave the welcome address and briefed about journey so far and new initiatives. The vote of thanks was delivered by Dr. K Ramesha, Professor and Dean - Research and Consultancy delivered the vote of thanks.