MUMBAI, 28 AUGUST, 2019 (GPN) : Banks have reached a tipping point where they need to shift from an inside-out perspective, to an outside-in approach, where there is an emphasis on serving customer needs in a holistic manner.

There is a need to realigning banking business models and engender a new way of doing banking across transactions, payments, savings, borrowings and investments by leveraging technology to improve productivity as well as customer orientation with emphasis on converting the challenges into opportunity. The Growing middle class, expanding working age population and increasing disposable income levels in the country are some of the factors that are expected to propel the growth of the industry in coming years. Moreover, government of India’s initiatives towards attaining financial inclusion like Pradhan Mantri Jan Dhan Yojana, and other schemes has led to an accommodating regulatory regime which will will further offer necessary support to this growth.

Founded in 1925, Indian Chamber of Commerce (ICC) is the leading and only National Chamber of Commerce operating from Kolkata, and one of the most pro-active and forward-looking Chambers in the country today. Its membership spans some of the most prominent and major industrial groups in India. ICC’s forte is its ability to anticipate the needs of the future, respond to challenges, and prepare the stakeholders in the economy to benefit from these changes and opportunities.

ICC also has a very strong focus upon Economic Research & Policy issues – it regularly undertakes Macro-economic Surveys/Studies, prepares State Investment Climate Reports and Sector Reports, provides necessary Policy Inputs & Budget Recommendations to Governments at State & Central levels.

ICC has organized the Banking Summit for 4 successful editions annually in Mumbai and has witnessed over 150 attendees from Banks and financial services companies of the industry and leaders from the corporate and Regulatory areas address on key topics.

The 5th Flagship – New Age Banking Summit 2019” with the theme “Banking for Emerging India” seeks to provide a platform for industry stakeholders to work out a road map for unleashing the true potential of the sector. The discussions at the forum focused on the ongoing changes including the evolution in the Banking Industry, Customer Behavior and satisfaction, Technological disruptions, Payment banks, Digitization and Cyber Security with a view to understand the influence of these developments on Banking business and explore the need for operational and technological excellence, to create a backend infrastructure that enables transparent, easy and cost-effective lending and also the way forward in the new age economy.

The summit brought together leading Bankers, Regulators, Government Experts, Corporate professionals and other stakeholders enabling them to discuss various opportunities and challenges in the New Age Banking and other key issues in this sector on a common platform. Ends