BS Banking Technology RT 2017: '40% of all loans will be digital in 2 yrs'

Financial technology experts say note ban and GST roll-out have broadened the banking network and increased pace of digitization

The formalisation of the economy because of demonetisation and the goods and services tax has broadened the network of the banking sector and led to greater digitisation, said banking technology experts at the Business Standard Banking Technology Round Table 2017.
 
B Madhivanan, chief technology and digital officer, ICICI Bank, said 40 per cent of all loans would be digital in 18-24 months. “Classic loans such as car, personal or home will continue for the older generation. However, for the millennials, loans will be contextual and immediate, which will just not be possible with the branch model.”
 
“Digital penetration