Focus On Indias Banking And Insurance

There was a time when people could avail of a bank’s services only between 10 am and 2 pm, and only at their specific branch. Today, digital banking and ATMs have ensured that people can bank any time, anywhere. And yet, people still like doing a little banking at their branch. That’s why many banks are choosing to go ‘phygital’.

While some banks have taken this hybrid approach, others are focussing on broadening their digital footprint, and this has opened new avenues for a host of financial technology entities, creating thousands of jobs along the way.

Just as banking has evolved, so has insurance, particularly health insurance. Today, the incidence of cancer among Indians is growing by the day. Thankfully, there is a range of insurance options people can choose from to cope with the humongous costs that go with treating this disease. Motor insurance, too, is evolving rapidly.

In today’s issue of BusinessLine, we feature a series of articles on the transformation of India’s banking and insurance landscape. We take an in-depth look at challenges as well as the plethora of opportunities before the growing number of contenders in this niche space. Look out for the highlighted pieces.