Will the COVID-19 Pandemic Reshape The Indian Digital Banking & Payments Landscape?
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The usage of digital tools has surged in every sphere of life since the COVID-19 pandemic started. In banking, Digital and contactless payments were already in their ascendancy in India, powered not only by customer preferences but also the Indian government's initiatives. COVID-19 has given this growth a massive boost as the FIS Pace Pulse Survey Q3 2020 reveals.
What does this acceleration mean for the industry, and what does the sector need to do in order to leverage these new trends by providing new services as an answer to new opportunities, building new capabilities and building new levels of security for a range of threats? What will be the technology imperatives necessary to build digital frameworks that will manage this accelerated move to digital banking across all customer classes? What does this mean for the future of retail banking itself?