'Brick-and-mortar branches to lose significance with digital

Brick-and-mortar branches will lose significance with rapid emergence of customer-centric digital technology, banking experts said at an industry conclave today.
The conclave, 'New Horizons in Banking 2018 and Beyond', was held at Amity University here.
Balachandran M, former non-executive chairman of the National Payments Corporation of India,said this is going to be a defining decade for the banking sector, which will see inclusive and technology-driven developments.
He said due to lack of technology initially, only 50 per cent of the population had proper access to banking services.
"Digitisation has resulted in 24X7 banking service that has made banks more accessible and approachable to people," he added.

Rakesh Bhatia, general manager, Bank of Baroda,said the banking landscape has become more competitive due to various factors like entry of new banks, small finance banks, payment banks, NBFCs and fintech companies.

He said banks which do not adapt to the fast-changing environment are at risk of losing relevance.
He added that the government has been vigorously promoting digitisation of the banking industry by giving impetus to digital transactions to make India a cashless economy.
He further said in the coming years, the brick-and-mortar branches will lose significance and customer-centric digital technology will be prominent.