The CII – Deloitte Report on “Building customer centric business: The Future of Financial Services” was released against the backdrop of the ‘8th edition of Banking Colloquium 2015: Broadening Horizons’ organized by CII on 18 September, 2015 at Kolkata.
In this report, the role of various financial service players is highlighted at a time when the anticipated increase in competition between incumbent banks, new universal and differentiated banks and non-bank payments service providers is likely to have a positive impact on branchless banking, payment platforms and digitization.
As institutions prepare to comply and adjust to the new environment for risk management, they will need flexibility, in both their business models and compliance programs. The advent of changing regulations like Goods and Services Tax (GST), Ind AS, Basel III guidelines, Income Tax Computation and Disclosure Standards (ICDS) and corporate social responsibility (CSR) provisions under the new Companies Act, 2013 (‘the Company Law’) will cause a significant paradigm shift in the way the financial services industry will evolve in the coming years. The report discusses these topics in detail.