Tech, regulations reshaping global banking revolution

Digital technology is transforming the banking sector, enhancing customer experience, improving operational efficiency, and reducing costs amid the turbulent economic and regulatory environment, Sonny Singh, executive vice president and general manager, financial services global business, Oracle, said at Oracle CloudWorld event.

- Sohini Bagchi

Edited excerpts:

What new technology challenges are global banks facing? Is it different for Indian lenders?

Since the covid-19 pandemic, banks are witnessing a momentum to modernization agendas more aggressively. There is increasing regulatory scrutiny leading to changes in capital adequacy regimes. Central banks rushed to raise interest rates to control inflation, which stressed their balance sheets using long-term interest rate-dependent instrument. This resulted in some banks to fail.