ET BFSI Leadership Exchange SummitET Edge
When asked about GST implementation by the Government of India, we found that 65% of experts believe that GST implementation would help simplify the BFSI sector.
Also, 54% of experts expect that GST implementation would help 5% to 7% increase in GDP for FY 2017-18, while 26% experts expect it to increase by more than 7%.
When experts were asked about their expectations on further drop in interest rate over the next 3 months, we received mixed responses. 39% of experts believe that there will not be further drop in interest rate and same percentage of experts believe that there will be further drop in interest rate, rest of the experts were not sure about increase/decrease in interest rate.
Experts were also asked to mention their views on recently passed RERA act. 65% of the experts feel RERA act would help boost the home loan business.
54% of experts think that with currently introduced Bankruptcy code would help in resolving current NPA issue which banking sector is facing, while 30% were not sure whether the Bankruptcy code will have any impact on NPA issue.
Experts were asked about the major challenges as a leader they face in BFSI sector such as regulatory system, macro-economic risk, technology risk, rising customer expectations and restructuring for GST compliance, and also, they were asked to give ratings to these challenges from 1 to 5 (5 being the highest and 1 being the lowest). 30% of experts gave 3 rating to regulatory system as a challenge. 39% of experts rated macro-economic risk 3, 35% of the experts rated 3 to technology risk, 43% rated 3 to rising customer expectations and 41% rated 3 to restructuring for GST compliance as a major challenge. We can deduce that experts believe all these challenges are major challenges in BFSI sector.
Experts were also asked question on technology in BFSI sector. They were asked to give ratings to each of Online & Mobile banking, Expanded ATM capabilities, Cloud, New Payment technologies, Analytics and Blockchain from 1 to 5 (5 being the highest and 1 being the lowest).
39% of experts gave 5 rating to Online & Mobile banking, 48% of experts gave 3 rating to Expanded ATM capabilities, 41% gave 3 rating to Cloud, 39% of experts gave 4 rating to New payment technologies, 28% gave 5 rating to Analytics and 61% gave 3 rating to Blockchain.