Cedar and IBSi to host Digital Banking Summit in Mumbai
Next month, an international event hosted by Cedar Management Consulting and IBS Intelligence will inform industry leaders on the future of banking across India. In particular, the Mumbai-based event will explain how digital trends such as big data, cloud technology and new payments applications could disrupt the industry over the coming years.
Launched in 1985, Cedar Management Consulting specialises in helping clients with strategy, process innovation, strategic human capital, and business technology change. Meanwhile, UK-headquartered IBS Intelligence (IBSi) is a subsidiary offering research and intelligence in the financial technology space.
Cedar and IBSi are well-known brands within the financial services landscape. The two regularly team up to organise conferences across Europe and Asia, helping leaders navigate coming the latest industry trends and challenges.
Recently, this has seen the firms host summits in London, Dubai and Oman, with the next summit to take place inMumbai, on April 12th 2023.
Since 1991, Cedar’s India offices have supported a variety of clients across industries and practices, living through the country’s full economic lifecycle – and helped global clients enter the Indian market, resulting in billions of dollars’ worth of investments in the country – meaning it has deep and long-standing insights into the country’s economy, as well as the changes facing its banking sector.
Chief among these changes is digitisation, with digital banking in India evolving alongside a wider digital transformation in the society. Customers are increasingly using digital channels for all their banking needs, for payments, managing funds, and much more.
To remain competitive, banks and financial institutions must therefore design scalable, flexible systems that can meet these rapidly changing customer needs and expectations. This means having to quickly develop strategies around cloud, artificial intelligence and advanced analytics, as a means to enhance customer journeys and enable a more efficient banking operation.
According to analysis from Cedar, India is currently witnessing exponential growth in bank account holders shifting from traditional in-person transactions to using digital channels for banking. As a result, online banking penetration has grown strongly from 14% in 2018 to 35% in 2022 – and this growth trajectory will likely continue with penetration expected toreach 62% by 2028.
India is also seeing a boom in fintech companies seeking to make the most of this opportunity. Supported by government-driven initiatives, those firms are helping India overcome a long-standing issue of financial inclusion in the country through better last-mile delivery – but they also pose a huge threat to incumbents, who are seeing them eat intotheir market share.
In this context, boosting digital banking is even more crucial – both for historic banks looking to fend off new competition, and for India as a whole, as it continues to try to build more financial inclusion.
To help attendees leaders in the industry adapt to these challenges, the Cedar-IBSi Digital Banking Summit explores perspectives from industry frontrunners on various topics, including next-generation digital banking, customer journeys and experience, leveraging big data, cloud, changing payment landscapes and more.
Panels will address topics including how to redefine customer experience via digital channels; how to drive innovation with artificial intelligence and analytics; and how to learn from the best practices of digital-first banks across India.
The event will see an impressive line-up of speakers share trends and developments. Nearly half of its event’s attendees are expected to be executive level, with the other half operating at senior management level.
