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Union Finance Minister Nirmala Sitharaman on Friday emphasised that banks must preserve a "human interface" while accelerating digital transformation. Her remarks come at a time when financial institutions are rapidly adopting technology-driven services. Speaking at the inauguration of a new local head office of State Bank of India (SBI) in Pune, FM Sitharaman highlighted the importance of striking a balance between digital convenience and personalised customer service. Balancing Digitisatio
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FAQ :
She emphasised that banks must preserve a 'human interface' while accelerating digital transformation.
Digitisation has significantly improved financial inclusion by enabling customers to access banking services through mobile devices, especially in far-flung areas.
Over-reliance on technology could distance banks from their customers, making them less accessible for personalised guidance.
Human interaction is crucial for complex financial decisions such as investments, loans, and business financing, where expert guidance and 'hand-holding' are needed.
She urged banks to step up funding for legacy industrial clusters, particularly in the micro, small, and medium enterprises (MSME) sector.
Indian banks are actively preparing for future challenges, including evolving risks linked to advanced AI models and digital systems, with the Ministry of Electronics and Information Technology engaging with global authorities and tech companies.
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