Forbes India - Banking On Technology: Tech Trends That Have Carved A Niche This Year

Technology has been a major disruptor in the way banking was done just a few years ago. While the pandemic accelerated the adoption of technology across industries and sectors, our dependence on these advancements has been magnified to a great extent. For example, the recent Annual Report 2020-21 of Reserve Bank of India shows, the total digital transaction volume in 2020-21 stood at 4,371 crores, as against 3,412 crores in 2019-20, attesting to the resilience of the digital payment system in the face of the pandemic. As these technological advancements continue to disrupt the traditional ways of banking, we see a whole new spectrum of newer and faster banking solutions. Online deposits, mobile wallets, e-bill payments, and so on have fundamentally become a norm for how financial transactions are carried out nowadays.