Banking Tech Evolution
1980-1990
Phase 1
- Personal Computers and LAN Connectivity
- Monolithic Mainframe systems
1990-2000
Phase 2
- TBA systems equivalent to CBS
- Internet based online banking
- Credit Card Systems – VISA and Mastercard
2000-2023
Phase 3
- CBS, LOS and LMS systems
- ATM, Debit Cards with interbank connectivity
- Automated Clearing Systems
- Payment Systems like RTGS, NEFT, IMPS, UPI, AePS, Wallets, Payment Gateways
- Digital Identity systems
- Cloud-First, API-First everything digital
2023-2028
Phase 4
- Digital Business Platforms that will provide hyper-personalization and interoperability within banks’ eco-system
- Deep-Tech/AI will take centre stage in Banking tech
2026 and beyond
Phase 5
- Hyper-personalization using digital platforms directly curated by end customers (both retail and corporate)