“Banks are now conscious about innovative capabilities and changing fast with the times”, he said.
Because of the legacy system, the challenges for the banks are much more.
“Leadership has a big role to play. Most of the public sector banks are actively adopting technology”, he said.
Implementation of the core banking system (CBS) was a humongous task, but the legacy banks did it, he said.
Core banking has now changed and paved the way for app-based banking, Kumar added.