Innovation key to banking success: Experts
The Indian Banks’ Association’s conference ‘BANCON’ will highlight how business model innovation in financial services will spur industry’s growth momentum in the coming decade. McKinsey & Company has conducted a survey for BANCON, the findings of which have been incorporated in their report, ‘Innovate to unlock the next decade.’
“This next decade will prove definitive for individual players in Indian banking as it will present opportunities for growth as well as challenges of improving risk management and enhancing operational excellence,” said Jatin Pant, Partner, McKinsey & Company. “Indian banks will have to innovate to succeed. They must focus on not just identifying suitable innovations, but also in implementing them in a sustainable manner for long-term success.” he said.
According to McKinsey findings, the Indian banking industry enjoyed an unprecedented success in the last decade as industry assets grew four fold from $290 billion in 2001 to over $1,600 billion in 2011. Indian banks did better than their emerging Asia counterparts, with ten of them among Asia’s top 30 value creators in the last decade. In the coming decade, revenues in India is likely to climb further from $56 billion in 2010 to $250 billion by 2020 — contributing to more than 12 per cent of Asia’s total banking revenue growth. Consequently,
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