The transition of Banking and Financial Services from the conventional brick-and-mortar approach to a ‘phygital’ one started some time ago. In this regard, India has leap-frogged many countries which have been on the cautious, one-step-at-a-time lane.

Today, Banks are helping customers do everything ‘The Smarter way’ i.e. embracing either the ‘fully digital’ or the ‘assisted-digital’ approach. Many players have incorporated the ‘mobile-first’ design thinking into how they are building their banking channels. This means, only bypassing the branch-model but also making the website-access model old-generation. Today, Apps rule the day!

Many of the major Banks, Small Finance Banks and NBFCs have deployed Artificial Intelligence, Block Chain, Robotics and built APIs (Application Programming Interface) to integrate their systems, all in order to stay ahead of the curve and win customers over with user experience and trust in their operations, thus overall impacting their retention, share of wallet and thus the bottom line.

For the new-age Small Finance Banks, with no baggage of old-gen technology and systems, there is a clear ground for becoming a disruptor to the larger banks, both public sector and private sector. Given they are nimble, they are able to ‘build fast, fail fast and learn fast’ which is giving them the edge in the ‘virtual’ space. This is shaping the organization structures, job roles and even the competitive landscape of these institutions as well as the market segments in which they operate. Of course, some have capitalized on this opportunity rather quickly and build their in-house talent as well as established partnerships with specialized tech players, while others have struggled to do this well enough. This would ultimately create a competitive edge, which would translate into a pecking order in the times of come.

So what are the technology levers for Banking in 2020?

Artificial Intelligence

Majority of decision-makers inside financial institutions are investing substantially in Artificial Intelligence as they believe that it carries the potential for both cost savings and business advantage.

The most noticeable way the banking industry is implementing Artificial Intelligence is in the realm of customer service in the form of chatbots and robots. The technology is also deployed to facilitate mobile banking and WhatsApp banking that allow 24/7 access for customers to carry out banking transactions.

Artificial Intelligence is also instrumental in enhancing the security as well as prevention and detection of frauds. Technology helps with risk management and lending decisions and is fundamental to making other technological innovations, like Big Data Analytics and Robotics Process Automation.


Majority of the members of the European Payments Council believe that blockchain technology will fundamentally change the industry by 2025. (Source:

Blockchain is the technology that helps keep track of transactions in an evident and permanent manner. The technology is transparent, highly secured, and relatively cost effective. One use case of Blockchain is elimination of manual data reconciliation for Bank Ledgers.

Big Data

At present, the Banking sector is one of the top investors by industry in Business Analytics and Big Data solutions (Source: IDC Semi-yearly Big Data and Analytics Spending Guide). The amount of data generated by the financial industry—credit card transactions, ATM withdrawals, credit scores—is mind-boggling. Thus, having an option to put that data to use to make business decisions and process and viably glean actionable insights will be critical to remain competitive in the future.

Robotic Process Automation (RPA)

Majority of financial institutions are leveraging robotic automation technology as it helps to save manpower as well as operating costs, minimize errors and create superior customer experience. In a highly regulated environment s.a. Banking, Robotics Automation technology can also help in ensuring compliance.

Cloud Computing

Cloud computing technology helps in data storage and delivers computing services, including servers, databases, networking, software, analytics and more, over the internet. Cloud computing helps in making 24/7 customer service possible from anywhere.

Cloud computing also enhances the agility of financial institutions and makes scaling up services simpler and quicker. Since the payment is only for services used, cloud computing can help financial institutions to control costs. Cloud computing additionally secures online payments, digital wallets, and online transfers.

The Approach at Fincare!

At Fincare Small Finance Bank, it is our staunch belief that technology is the most creative and even the most destructive force in the financial ecosystem today. Our 3D approach viz. Digital, Doorstep and Delightful rates, means that Digital is the core of everything connected to business.

Fincare Small Finance Bank has leveraged technology in order to streamline the customer experience and automate the underwriting / credit decisions thus freeing up the Customer facing roles to spend more time on customer engagement and servicing.

With the current wave of digital disruption, Fincare has adapted the changes rapidly and has built an internal culture of ‘making banking smarter through customer engagement and experience’.

Our solutions such as M-care, Lap D-lite, 101 place us among the front runners in the Banking Sector. With the help of intuitive UX, mobile-first thinking and cloud-powered systems, the Bank has created a smarter way of banking delivering superior value to the customers.

When it comes to Smart Banking, get ready for ‘Wish More Get More’.

Disclaimer: The views expressed in the article above are those of the authors’ and do not necessarily represent or reflect the views of any publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.