Finance 2025: Digital transformation in finance

whitePaper | July 13, 2022

Banking has long been at the forefront of technology innovation. From ATMs to mobile banking, financial institutions have been the harbinger of technology-powered interactions for consumers around the world. However, the price of that early innovation has been mountains of technical debt.

whitePaper | November 30, 2021

In writing this Discussion Paper, “A Proposal for Digital Banks in India: Licensing & Regulatory Regime”, we are pleased to have collaborated with Black Dot Public Policy Advisors as the knowledge partner. Mr Mandar Kagade, Founder Principal at Black Dot made valuable contributions in developing this Discussion Paper. Ms Shehnaz Ahmed of the Vidhi Centre for Legal Policy acted as external expert reviewer of the Discussion Paper and offered detailed comments and inputs. We acknowledge her valuable contribution. We are also grateful for the support and inputs from the Department of Financial Services, Ministry of Finance, representatives of public sector banks including the State Bank of India, and Sabyasachi Upadhyay, Associate, NITI Aayog. Useful insights were also obtained from the deliberations in the conference, “Neo-banking for Business: The Future of Digital Banking”, especially Mr Sopnendu Mohanty, Chief Fintech Officer, Monetary Authority of Singapore. They are gratefully acknowledged. Last but not the least, the inputs offered by the fintech sector stakeholders who were approached for inputs in the course of drafting this Discussion Paper is acknowledged. NITI Aayog would endeavour to continue with the stakeholder consultation in evolving policy dialogue.

whitePaper | January 19, 2023

Privacy is regarded as a crucial factor in the investigation and development of Central Bank Digital Currencies (CBDC) and is therefore thoroughly researched by monetary authorities, academia, and the private sector. Academic research indicates that CBDC transactions may involve processing significant amounts of identity and transaction-related information (Lee et al., 2021), raising privacy concerns for future users. While there exist countless definitions for privacy, such as “the right to be left alone” (Warren and Brandeis, 1890), in this document, the definition of Nissenbaum (2010) - “the appropriate flow of information” - will be followed.

whitePaper | January 19, 2022

The coronavirus pandemic is one of the most challenging crises the world has faced, significantly impacting public health, the economy and businesses at large. The pandemic has also brought to light the finance industry’s understanding that climate change may upend the financial system. This underscores the urgency for the industry to facilitate the transition to a lower-carbon economy.

whitePaper | July 1, 2022

The rapid shift to digital-first engagement, remote work, and changing consumer preferences has launched customer service into a new era, with the financial services industry impacted in various critical ways. This trajectory is only accelerating as a host of factors - including customer behavior, industry dynamics, workforce needs, and technology trends - simultaneously require and support service organizations in rolling out new strategies and systems.

whitePaper | February 15, 2022

For years, shoppers in Europe and Asia have been paying with contactless methods such as mobile wallets and contactless cards. While U.S. consumers have traditionally been slow to adopt this payment method, they’ve recently begun making up for that delay.