Indian Banking Industry - Surfing the Blockchain Wave
Recent years are evidence that the Indian Banking sector is progressing through a transformational period. With many banks investing massively in the technology, we expect that from this point on, the future lies in the mainstream practice of Blockchain.
Blockchain banking solutions will bring operational efficiency, simplicity, and transparency in banking operations. And from the customer’s point of view, it will reduce transactions from, let’s say, hours to seconds. We also believe that such blockchain developments will bring in a direct impact on reducing operational costs and improving efficiencies.
Furthermore, it will benefit organizations as they can serve more rapidly, firmly, and move on from paper-based to Blockchain stored transaction records. This can also facilitate the expansion of services to underserved small and medium enterprises.
This growth directly emerges from the leading banks proactively investing in blockchain platforms as part of their digital revolution initiative. For instance, while the technology is still early for the country’s banking sector, the leading Indian Banks (ICICI, Axis, and Yes Bank) have confirmed their participation in the Interbank Information Network (IIN)-a peer-to-peer blockchain-based platform that enables faster cross-border payments-. And this reveals our banks’ approach to adopting new technologies.
Furthermore, our nation’s Ministry of Electronics and Information Technology (MeitY) is presently pursuing an approach for developing the ‘National Level Blockchain Framework’. The government perceives potential applications of the technology in governance, banking and finance, and cybersecurity, among others. However, the structure’s potential for mainstream use in the banking sector will only increase in the coming year. Backing this are the many industry leaders of the blockchain and crypto space. They also see technology carrying the disruptive potential in the banking industry.
From here on, banking institutions must gain momentum and concentrate on situations that are challenging in today’s world. They should also encourage the prevailing ones towards the adoption of blockchain and create new models in favor of the customers.
Now, as The Way of Business Solutions, we, at Insights Success, celebrate such technological advancements with the exclusive February’s edition, The 10 Most Promising Tech Companies in India, highlighting the finest firms taking on contemporary progression and reaching the zenith of their businesses.
We start off with our Cover Story, featuring a digital transformation company focusing on AI, Predictive Analytics, and robotics-led infrastructure management services. We have brought the story of an IT vendor, GAVS Technologies. It was founded in the late nineties. Also, this edition includes Kovair Software featured as the company of the month. It is a company making Software Development Life Cycles (SDLCs) easy, efficient, and effective.

The magazine includes names like BizMerlin which develop solutions that take the human capital management system to the next level. Also, Centum Technologies is a company that acts as an efficient solution provider to various corporate requirements and has made its way into this month’s edition. Making a difference in the wearable devices space is a company called DIPITR. This firm is driving innovation through its smart wearable posture trainer and corrector device called Strack.

This issue’s interview with Mr. Gagan Arora - Managing Partner & Executive Vice President of Vertex Global Services, highlights the transformation of the start-up ecosystem that the company is carrying out through its various services in the country.

Also, the edition of this month has featured a piece authored by Mr. Mishal Suvarna. He is the Country Head- IT at Legrand (India). The CXO standpoint elaborates on the dynamics of Augmented Reality.

Some of the honorable mentions in the magazine are Marmeto, SoftClouds, Intuition Systems, and Lead IT. We encourage our readers to go through the pages of the magazine and dive into the world of technological advancements that the featured companies are imbibing and adapting through the dynamics of their respective verticals.

Author's Bio: 

Insights Success is an archway that caters to Entrepreneurs’ quench of technology and business updates which are currently ruling the business world.