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Name : Madhav Nair
Subject: Technology Transformation in Banks
Message : As in any industry automation has changed the way banking industry functions:

Initially foreign banks invested technology and this was the key differentiator of services between a public sector bank and a foreign bank.

The new generation private sector banks came in with new technology and did not have any bag & baggage in terms of legacy systems, their value proposition was service of foreign bank and at the price of a public sector bank.

So the driving factor for investing in technology has been

1. Reduce costs through automation

2. Greater customer convenience

3. New product offerings


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