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How Embedded Banking Will Change Banking

The turn of the century saw a proliferation of organizations offering a multi-cuisine menu of banking and other financial services. Large banks, consolidation of PSU banks, small banks & Fintech companies are severely competing with each other to provide best in class services to consumers across the country. These companies are offering more than just core banking services and have emerged as financial supermarkets. The scope of products has diversified from the traditional borrower / lender relationships. One of the key drivers to this enhanced relationship has been the digital transformation of the service delivery. The demonetization in 2016, and the COVID-19 pandemic in 2020 accelerated the adoption of digital financial services, mainly core banking. The newly formed small banks, fintech’s and the large banks had little or no problems in adapting to the new age digital platforms. The traditional small and co-operative banks fell behind them in the race to progress. Regulatory scrutiny like the landmark decision of 2020 in which the RBI bought in about 1550 Scheduled cooperative banks / multi state banks covering over 10 crore depositors under its supervision. Banks have to comply and adhere to strict regulatory guidelines.

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