Technology will help financial services grow

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Hyderabad: Digitisation helps in pushing subsidies and for plugging the leakages. Innovation in financial service sector will help financial institutions in customer acquisition, customer retention, expanding the coverage, expanding small ticket loan, insurance, microfinance and pension products. Technology will bring scale and cost reduction, said HR Khan, former deputy governor, Reserve Bank of India.

Speaking on `Digital Financial Services and Payment Systems’ on the inaugural day of the 5th International Conference on Mining Intelligence and Knowledge Exploration here at IDRBT on Wednesday, he said the Government is focussing on building a less-cash society. The Reserve Bank of India has been at the forefront of building critical infrastructure like RTGS and RTGS-II, NEFT, IMPS and other products. Focus on Jan Dhan, Aadhaar and mobile technology is helping in building the digital infrastructure in a big way.

There have been rapid changes in technology such as social media, mobile, analytics, cloud and IoT. Social Media is used for banking purposes too. For instance, banks earlier gave 40% weightage for information provided by credit information bureaus. But now rely on 20% of information from them because of the increase in usage of analytics by banks in terms of customer diligence, in terms of monitoring and in terms of products and services, he said.

Dr. AS Ramasastri, Director, IDRBT highlighted institute’s edge research in technology and banking. It is now focused on mobile banking, cloud computing, analytics, affordable technologies, payment systems and blockchain technology.

The conference, which is on till December 15, is an interdisciplinary conference that presents research from areas like algorithms, data mining, machine learning, knowledge exploration, analytics, big data, computing and information systems.