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Impact of Disruptive Technology on Indian Banking Sector International Journal of Mechanical Engineering and Technology (IJMET) Volume 8, Issue 9, September 2017, pp. 510–515, Article ID: IJMET_08_09_055 Available online at http://iaeme.com/Home/issue/IJMET?Volume=8&Issue=9 ISSN Print: 0976-6340 and ISSN Online: 0976-6359 © IAEME Publication Scopus Indexed IMPACT OF DISRUPTIVE TECHNOLOGY ON INDIAN BANKING SECTOR S. Visalakshmi Assistant Professor (Sr.), Department of Technology Management, SMEC VIT University, Vellore, Tamilnadu, India Dr. R. Ratneswary V. Rasiah Senior Lecturer, Taylor’s Business School, Taylor’s University, Malaysia ABSTRACT The banking service sector encounters extraordinary changes by the introduction of disruptive technologies. These innovations are changing the sort of rivalry for the banking industry. Despite the fact that the electronic markets have overwhelmed the greater part of the playfield, the client confronting forms are extant. The purpose of the study is to assess the progresses brought by the technologies in the financial market, regardless of whether they act as enabler or disruptor for the traditional banking models. Keywords: Banking, disruptive technologies, financial innovation, digitization Cite this Article: S. Visalakshmi, Dr. R. Ratneswary V. Rasiah, Impact of Disruptive Technology on Indian Banking Sector, International Journal of Mechanical Engineering and Technology 8(9), 2017, pp. 510–515. http://iaeme.com/Home/issue/IJMET?Volume=8&Issue=9 1. INTRODUCTION The banking industry is blended universally due to innovative technologies, from startups to digitization. Majority of the banks to a great extent have seized digitization and are aggressively adopting new technologies in order to innovate though they consider the disruptive technologies as a big threat. According to a research report, (innovation in retail banking), the proportion of banks with an innovation strategy has increased to 74 percent in 2016. Changing customer preferences, rapid evolution of technology and pressures from disruptive banking world are accelerating a major transformation of the banking industry [4]. The assembly of these forces is putting digitization at the focal point of technology renewal. According to the research findings and customer interactions, the following huge change in banking will be caused by the development of open API’s, AI and block chain. Disruptive technology is one that uproots a current innovation or upsets a customary business practice to make a new industry [7]. While numerous Indian banks have possessed the capacity to hold their clients through customary channels and digital service offerings, http://iaeme.com/Home/journal/IJMET 510 [email protected] S. Visalakshmi, Dr. R. Ratneswary and V. Rasiah recent shifts in the industry are undermining this generally stable client base. Regardless of the way that individuals have been with their present bank for the past decade or more, client relationship at conventional banks is slanted to disruption [2]. This motivated us to analyze the effects of disruptive technologies on the Indian banking sector. Collective disruption, as new market contenders, is a developing element in the banking industry. However the study affirms that changes in consumer behavior is a main thrust. The established banks are attempting to grab significant opportunities, by developing a comprehension of these advancing customer inclinations. The customers opt for quick and active banks that can be a part of their daily lives. For convenience of consumers the banks are experiencing a shift, getting away from branch locations and proceeding towards digital products and services that fit with consumers’ smart mobile-empowered lives. An expanding opportunity exists for the newcomers to snip market share over time, due to the growing vulnerability of conventional banking practices. The banking industry is progressively focused with product improvement, conveyance and customer engagement being endeavored to linger on fingers' tips. Therefore banking innovation needs to focus on creating a centralized customer business model and an infrastructure that appears to be uniform to the client. 2. FINANCIAL INNOVATION IN BANKING SECTOR Banks are the pillars of the Indian economy. Digital Banking provides critical solutions to bankers for their short term and long term business and technological requirements. The following are the various financial innovations adopted in the Indian Banking Sector. 2.1. Online and mobile banking Indian banks are moving towards actualizing a world class internet banking capability. By 2020, the average age of India will be 29 years and this youthful buyer base is web keen and needs continuous online data. According to the statistical report (2017), India had 331.77 million web clients. This figure is anticipated to develop to 511.89 million web clients in 2022. Despite the undiscovered potential, India as of now is the second-biggest online market around the world. The greater part of India's web clients are mobile phone internet clients, who exploit cheap alternatives to expensive landline connections that require desktop PCs and infrastructure. As of 2016, India had 320.57 million mobile phone internet users and forecasts estimate 492.68 million Indian mobile phone internet users by 2022.Therefore shift towards internet banking is fueled by the changing dynamics in India. Figure 1 Internet users in India http://iaeme.com/Home/journal/IJMET 511 [email protected] Impact of Disruptive Technology on Indian Banking Sector Figure 2 Mobile Internet Users Figure 3 Mobile Internet User Penetration (2012 to 2016) (2015 to 2022) 2.2. Unbundling of financial services The fight for the client interface is furious. Individuals are prepared and willing to consider financial technology options. 73% of customers say that they would consider utilizing technology providers for services more often than the utilization of their banks. Several financial technology startups are unbundling banking and providing individual services for everything from loans to wealth management robot-advisors to credit checks [1]. The distinguished suppliers include PayPal, Moven, Credit Karma, Lending Home and Wealth front. 2.3. Expanded ATM capabilities Advancements in ATM technology have made amazing progress and customer receptiveness has also increased manifold. ATMs are getting smarter, and everybody is taking advantage of their enhanced capabilities with more prominent recurrence. Indeed, it is becoming typical for banking customers to utilize more astute and Smarter ATMs, evading bank employees altogether. Banks across India have begun the way toward setting up ATMs empowered with biometric innovation to tap the capability of rural markets. Installation of multilingual ATMs has entered pilot implementation stage for many banks in the country. Multifunctional ATMs are fortified to perform other functions like mobile recharges, ticketing and bill payment besides dispensing cash and providing account information. Further, ATM switches are used to connect the ATMs to the accounting platforms of the respective banks. In order to connect the ATM networks of different banks, apex level switches are required that connect the various switches of individual banks. Through this innovation, ATM cards of one bank can be utilized at the ATMs of different banks, encouraging better client comfort. The different ATM network switches are CashTree, BANCS, Cashnet Mitr and National Financial Switch [5]. Most ATM switches are also linked to Visa or MasterCard gateways. According to bankers, demonetization, which led to cash crunch, was one of the factors that impacted ATM expansion [6]. The number of ATMs added between June 2016 and June 2017 was a little more than 7,000 while in the comparable period of the previous year, banks had added almost 16,000 ATMs and more than 18,500 in the year before. The total number of ATMs in the country in June 2017 was 2, 08,477. http://iaeme.com/Home/journal/IJMET 512 [email protected] S. Visalakshmi, Dr. R. Ratneswary and V. Rasiah 2.4. Payment technologies In the last decade, India has seen a shift from traditional payment methods to modern electronic payment systems of interbank transfer like RTGS and NEFT. Recently, Mobile payments are being embraced throughout the world performed from or by means of mobile device. Bitcoin is an innovative digital payment method performed over a peer to peer network. Bitcoins are taking over the crypto-currency marketplace. It is a decentralized digital currency. Contrary to traditional payment methods based on tightly controlled currencies, Bitcoin payments can be sent and received without any artificially imposed limitations on geographical locations, credit histories, mandatory reporting requirements, application approvals, etc. Bitcoins can be used and traded just like cash [3]. Business Online Bill Pay is another payment option that is generally used by businesses to pay regular bills, such as utilities and credit card payments. Finally, ACH (Automated clearing House) provides the facility to make payments from business account to any external account on same day. 2.5 Block chain Blockchain has emerged as the most important innovation in the financial services industry. Block chain the distributed ledger technology supports bitcoin, it has transformed business practices such as auditing and accounting, moreover acts as a value addition to the banking system in and around the world [8]. Nicolas Cary, cofounder, Blockchain has reported that the market capitalization for crypto
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