Axis Bank CEO Amitabh Chaudhry has identified six major trends in the future of banking. “The first one is the emergence of customer-specific banks,” Amitabh said during a session at the GFF 2022. “Second, as distribution becomes more digital and more channels to reach customers open up, products and customization will become increasingly important.
The third trend will be the compounding effect of the Indian stack. The fourth trend will be saturation, which refers to offering services in bit sizes and how banks can profit from it. The fifth trend is hyper-personalization. The sixth trend is the emergence of partnerships.”Talking about innovation in banking, he added, “New technologies (like blockchain and Metaverse) are providing refined solutions to the customer at minimum prices. These technologies reduce cost and the future of banking is moving in that direction.”
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