BS Banking Annual 2017: Bringing about a transformation in banking

Digital payments, blockchain, artificial intelligence and robotics will revolutionise the way banks function and engage with customers

Ramkeval Patel, 42, a vegetable vendor in Mumbai’s suburb of Andheri, is fearful of banks. Paperwork to open an account or even depositing money in a branch overwhelms him, and automated teller machines confuse him. But his family in Uttar Pradesh’s Deoria district depends on his money for sustenance. 
 
A vast majority of Indians engaged in the informal economy has the same story to narrate. But there has been a revolution in the country’s banking industry: the cumbersome paperwork of completing the know-your-customer (KYC) process is  becoming a thing of the past.
 
Today, Patel’s thumb impression can open