On the fast track from bricks to clicks

Intel's founder Gordon E Moore had in 1965 predicted that overall processing power for computers would double every two years. Half a century later, we know his prediction proved to be true - computers over these years shrank from large roomful of apparatus to swanky smartphones Stock Market Trading Tips

The evolution of technology and banking might seem unrelated but they are not. In the 21st century, banking is all about cutting-edge technology, with decisions being taken using 'big data' analytics, and transactions taking place in real time over the internet. "In many ways, we see ourselves as a technology company with a banking licence," Citi Chief Executive Officer (CEO) Michael Corbat had said at the Mobile World Congress in Barcelona on February 25, 2014.

Mobile banking & e-commerce
Long, serpentine queues for even basic banking activities are now a story of the past; today's banks - billions of them, and counting - reside in customers' pockets, on their mobile phones Himanshu Tiwari Astrologer Blog

The sector has changed considerably in the past 15 years, and India's banking regulator is aware of this evolution. "The day is not far when banks will be viewed more as technology firms offering banking products and services. While this will be a new challenge, I see this as an opportunity for banks to find new growth drivers," said Reserve Bank of India (RBI) Deputy Governor H R Khan in August this year.

Banking is undergoing a transformation, and the world, including India, is at the cusp of that change.

The concept of brick-and-mortar branches is fading fast, with consumers increasingly embracing technology for their basic banking needs, especially driven by a rise in e-commerce. According to an Assocham-PricewaterhouseCoopers study, India's e-commerce sector could rise beyond $100-billion mark in five years, from $17 billion at present Indian stock market astrology prediction

Mobiles as virtual debit cards
Bankers see a future where the entire payment system will be built around the mobile phone architecture. And, given the rapid clip at which mobile apps are being adopted for banking, this seems credible.

"Five years ago, we did not expect mobile phones would have such a huge impact on banking. Now, we cannot think of a future without them," says Chadra Shekhar Ghosh, managing director (MD) & CEO of Bandhan, India's newest bank. "You already pay your taxi fares through your mobile. You could soon pay even your vegetable vendor through your mobile. The only challenge is how quickly we can educate the vegetable vendor."

A unified payments interface, launched in February this year, aims to make mobile phones double up as virtual debit cards. It will allow account holders across banks to send and receive money through smartphones using Aadhaar, phone numbers, or even virtual payment addresses like e-wallets. No bank account details will be required. Improvement in mobile data speeds, with 3G, 4G and beyond, will make the process hiccup-free Share Market Astrology