The number of unique internet banking users has increased by only 18% between March 2019 and September 2021, according to the Reserve Bank of India’s Payment Vision 2025 document. This cohort constitutes a very small percentage of over 26 crore digital payment transactions that are processed every day by our burgeoning digital payment ecosystem, of which United Payments Interface (UPI) accounts for more than two-thirds.
As India’s financial landscape continues to evolve at an unprecedented pace, driven by consumer demand for seamless, personalised experiences and rapid technological innovation, how can financial institutions strengthen their digital platforms to increase adoption and deliver greater value for their customers? Do all banks need digital platforms and, if yes, when is the right time to start building one? In a world where technology is advancing so rapidly, is it wise to wait for Generative AI to stabilise before making the leap?
A new e-book titled ‘Digital Banking Platform Journey – The 5Ws (and an H) of starting, accelerating or re-aligning your digital platform strategy’, attempts to provide answers to these questions and many more that organisations in the Banking, Financial Services and Insurance (BFSI) are grappling with, especially as India takes giant leaps in the adoption of digital in this sector.
The e-book is co-authored by Thoughtworks’ Bharani Subramanian, CTO, India and the Middle East, Muralikrishnan Puthanveedu, Head of the BFSI Practice, IME and Sandeep Reddy, Global Head of Financial Services Strategic Initiatives and Delivery and is an attempt at offering financial institutions a systematic approach to thinking about developing or revamp their digital banking platforms.“We have carefully curated the strategic ideas and implementation best practices we learned from building banking platforms for global organisations over the last few decades. We intend this e-book to be a useful starting point to structure your thinking and clarify what’s important to you,” said the authors in their opening note.
Whether you’re just beginning your digital journey or looking to re-align an existing platform strategy, this e-book serves as a compass. It introduces a practical six-point readiness framework, explores the build-versus-buy dilemma, and lays out pathways for AI-augmented banking—all while grounding the conversation in the unique needs of Indian financial institutions.
Click here to download the e-book.
Note to the Reader: This article has been produced on behalf of the brand by HT Brand Studio and does not have journalistic/editorial involvement of Mint.
