Dhinendra Lohmor on Future of Indian Banking under the Blockchain and Other Advancements in Fintech
Mr. Amar Talwar, Director Muscle X and an ex-banker from Australia also said that the Indian Banking Sector is still in its growth phase and requires a serious makeover in terms of digitization and internet based banking services. Though the Government has taken a lot of initiatives in the past to bring people in accordance with the digital banking, a majority of population is still dependent on the 'physical means'.
Dhinendra Lohmor also said that until the common man doesn't realize the power of digital banking and doesn't utilize all the available ways and means, the major interest in the Blockchain and other fintech advancements will be limited to a very small population that earns a lot and is interested in the banking advancements. The overall impact of these advancements will be possible if and only if the common man invests his or her interest in the same.
The speakers said that the technology has a tremendous potential and that the country level benefits can also be achieved from the same if the planning and investment are done carefully. Though the Government has not made the system legal for investment and other intents, a lot of people have actually become associated with it to reap financial benefits. For the common man, who is not aware technically, it is a system that doubles your money after some fixed duration of time.
On being asked about the security and stability aspect of the Blockchain Technology, Dhinendra Lohmor said that the technology itself is fool-proof and is immune to all kinds of hacking etc. The fixed number of coins; the company's ability to reduce the value to digital currencies (wherever they are applicable) and other such currencies to very low in case hacking or any such attempts surface in future and the transaction in terms of digital currency which itself it nothing makes it a marvellous system that has defined a new era in the world of banking.
While discussing about the latest technologies in Fintech, the Smart Workflows, Chatbots, Machine Learning, Open Banking, Automated Personalization, Merging of Digital and Physical aspects of banking, Security and Agile Architecture were briefly discussed.
Dhinendra Lohmor said that Artificial Intelligence has opened new gateways in the word of banking and has really changed the way the banks used to work. Even the most stringent banks that used strict protocols regarding the digital operation of the accounts and other such services, have changed their policies and made them flexible to accommodate the modern clients that are tech savvy and this has been made possible by the Artificial Intelligence. The introduction of the automations that can man the basic transactions, enhance the personalized user experience, and make the perfect fusion of digital and physical banking possible have led to a shift in the banking world work ethic.
The bankers that were present said that the banks have now started to focus on the things and counterparts on the micro-level. The Apps are now being transformed into the Micro-Apps, Services are being modified into Micro-Services and the timelines to accomplish targets are being shrunk using the agile technology. The Agile Technology has transformed the way the world of programming used to work and in turn modified all the sectors where programming, designing and managing a system was done by a computer.
The modern banking policies have reached all kinds of people and have made them realize the power of digital banking. They know that they can operate their accounts and make payments online and offering apps that work with minimal human interaction and are easy to understand and work with have really modified the whole system. The open banking features such as UPI or the Unified Payments Interface and Aadhaar Enabled Payment System (AEPS) were also discussed.