In a recent CNBC TV 18 interview featured Shri Srinivasan Sridhar, Director, Bank of Baroda, Shiv Kumar Bhasin, CTO, NSE, and Shri R Gandhi – Former Deputy Governor RBI spoke on the impact of Data on Banking. It was revealed that changing customer demands is promoting a shift in Banking priorities and Banks need to be more agile and customer-centric to stay competitive. In the traditional model, there were very few data points available to assess the ability to repay while the current model provides Transactional Data, new tools, and applications that help banks assess customer’s creditworthiness. Further, the fact that Bank of Baroda is open to collaborating with Fintechs and use digital banking for financial inclusion, came to light.
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