by G. Padmanabhan
(Inaugural address by Shri G Padmanabhan, Executive Director, at the 6th ET Banking Technology Conclave ’12 at Mumbai on October 9, 2012)
Over the past few decades, modern business organizations have been investing increasingly substantial amounts of money in information technology (IT) with the objective of improving their operational efficiency, product innovation and competitive ability in the industry. This has enabled them in simplifying their processes, improving efficiency levels, and also reaching out to a wider range of customers. The banking sector too has followed the same path. Use of technology has also opened up new markets, new products, new services and efficient delivery channels particularly for the banking industry. Further, technological innovation has enabled a broader reach for consumer banking and financial services, and in India’s case, it is playing an important role in moving towards continued and inclusive growth.