Banking Technology in India 2018

The top three technology trends that are expected to emerge in a big way in the Indian banking sector are:

• Blockchain
  
• Artificial Intelligence
  
• API Banking
  

The market is moving from exploration of blockchain in 2017 to delivering early pilots and implementations in 2018. Although blockchain tech has been a work-in-progress, projects in banking areas such as trade finance, payments are expected to gather steam and go live.

Identity management and KYC are other areas that could see enhanced activity.

Artificial intelligence (AI) has rapidly permeated into several domains with banking and finance as some of the biggest spenders on its applications. AI has now definitively moved from lab to production. Banks are using these tools to automate repetitive, rule-based manual tasks; from anti-money laundering monitoring to credit card fraud detection.

In India, applications in customer engagement and risk analytics in particular, are expected to witness significant prospects with open banking making its presence felt through the government’s Unified Payments Interface.

In the case of API, the government are leading the way with a standard set of APIs and even its own payment app, the move towards a ‘presence-less, paperless, and cashless service delivery’ system is expected to be the biggest driver for open banking.