Hyper-personalisation, Language Localisation Are Visible Changes In Financial System: CEO, RBIH

The features that will come in the future are the hyper-personalisation of bank applications and the availability of banking services in the native language, said Rajesh Bansal, CEO of Reserve Bank Innovation Hub (RBIH).

In recent years, new technologies have radically altered the traditional ways of doing banking business and allowed banks to wipe out the difference in time, distance and speed.

Bansal talked about RBIH and said we want to deepen the country’s financial services and under that RBI is taking the initiative to resolve online disputes and our team is also looking to set up artificial intelligence (AI) centre for finance in the next some months where banks will be looking at frauds in United Payment Interface (UPI) transactions for example.

He also pointed out that the financial system needs flexibility which suits customer behaviour and requirements. “For example, customers should have the freedom to choose their repayment system as they want to repay on a weekly or daily basis,” he added.

On the question of leveraging new emerging technology in financial services, by taking the example of Distributed Ledger Technology (DLT), Bansal said that we need to focus on that technology which solves the pain point of the financial service provider as well as the customer.