Digital Banking Units to boost India's digital economy
To share a deeper insight into the ever-changing digital economy and the necessity of Digital Banking Units in an increasingly digital India, Mint organised a fireside chat in association with Oracle. This was hosted by Gautam Srinivasan , Senior Business Journalist, who engaged in conversation with two special guests, Balaji Kalyanasundaram, the Industry Advisor for Financial Services at Oracle India and AR Raghavendra, GM, Partnerships & Digital Marketing, Union Bank.
Here is the timestamp of questions that the leaders respond to:,
- 2.34: Could you please define what a Digital Banking Unit, or DBU, really is? Why is it such a priority for the government of India? What are its most unmistakable advantages?
- 5.22: We can see that the digital banking penetration in rural India is still low compared to our major cities due to a noticeable lack of internet services. How will DBUs change this current scenario? Can we expect a widely digitized India in the near future?
- 8.28: Do you see DBUs changing the very face of banking in India? Do you see the potential expansion of 75 DBUs to other districts and national level implementation?
- 10 : Without a doubt, establishing sophisticated DBUs requires a strong and resilient technological backbone. For the heads of the commercial banks looking to establish and operate these outlets, what are the core technologies and advancements that need to be incorporated?
- 13.24: From the lens of digital transformation, what will be the tech backbone required by a bank like Union Bank to power a DBU?
- 16.12: For the decision-makers of the commercial banks entering the digital economy with DBUs, what are the key imperatives that need to be addressed? Please tell us the most essential factors to take under consideration.
- 18.15: Oracle stands as one of the world’s leading companies excelling in the field of digital products, technologies, services and even marketing tools. What roles can Oracle play to support the establishment and eventual operation of these DBUs?
- 21.22: Cybersecurity and protection of sensitive data are at the forefront of any digital banking initiative. With cyber attacks, phishing and data breaches constantly increasing in our digital world, do you feel DBUs have the potential to address the many security concerns that arise in this economy?
- 23.50: As the wave of DBUs sweep across the Indian digital sector, other commercial banks will surely look at establishing their own DBU outlets. For those banks, could you please tell us how they should approach this challenge? What are the minimum requirements that a DBU needs to meet in terms of services and products?
- 26.07: What are the key takeaways from the conversation
