 before the digital wave hit the banking industry. Indian banks employed nearly 13 lakh people at the end of March 2015, out of which state-run banks alone employ nearly 8.6 lakh people, while private sector banks employed 3.2 lakh people, a paltry growth of 3 per cent over March 2014, data from RBI shows.Analytics and artificial intelligence are already being used by banks to do jobs once considered sacred, like underwriting loans. What this means is that human skills, which were considered imperative for basic banking not long ago, may not be required. “We are now helping banks to underwrite on the spot, which means the underwriting skills as we know it may not be needed,” said Piyush Singh, MD, financial services (Asia-Pacific), Accenture.India is experiencing what banks in advanced countries have been doing for the past many years. Barclays chairman Anthony Jenkins warned of the Uber moment for banks a few years ago, and that is coming true.The number of bank branches in the United States will shrink by as much as 20 per cent in five years and that could save as much as $8.3 billion annually if it trimmed the number of branches and downsized the average bank branch from 5,000 to 3,000 square feet, says Jones Lang Lasalle, a real estate consultant.Citigroup has forecast that nearly a third of the jobs in the banking industry could be lost in the decade between 2015 and 2025. “The future of branches in banking is about focusing on advisory and consultation rather than transactions,” writes Jonathan Larsen, global head of retail and mortgages at Citi.“The return on having a physical network is diminishing. Branches and associated staff costs make up for about 65 per cent of the total retail cost base of a larger bank and a lot of these costs can be removed via automation.”While Indian banks haven’t started trimming the bank branches, the growth in the number and the size of branches has definitely come down. The growth rate of branch network in India halved at the end of 2016 to 5 per cent from 2010.Likewise, ATM additions which grew at 9 per cent in 2016, was growing at over 40 per cent in 2010. Thanks to payments systems, banks do not need people at branches. The number of transactions on a digital network at the end of March 2016 was over 15.1 billion, up from 11.1 billion in the same period last year. That is essentially the number of cheques not
before the digital wave hit the banking industry. Indian banks employed about 13 hundred thousand people at the end of March 2015, out of which department of state - operate banks alone hire closely 8.6 lakh citizenry, while private sector banks hire 3.2 lakh people, a paltry emergence of 3 per penny over March 2014, data from RBI shows. Analytics and artificial news are already being used by bank to make jobs once considered sacred, like underwriting loanword. What this means is that human skills, which were considered imperative for basic banking not long ago, may not be required. “ We are nowadays helping banks to underwrite on the spot, which means the underwriting skill as we know it may not be needed, ” said Piyush Singh, MD, financial services (Asia - Pacific), Accenture. India is experiencing what banks in advanced countries have been doing for the past many years. Barclays chairman Anthony Jenkins warned of the Uber moment for banks a few years ago, and that is coming truthful. The number of bank branch in the United States will flinch by as much as 20 per cent in five class and that could save as much as $ 8.3 billion annually if it trimmed the numeral of branches and downsized the average bank branch from 5,000 to 3,000 square foot, says Jones Lang Lasalle, a real estate consultant. Citigroup has forecast that nearly a one-third of the jobs in the banking industry could be lost in the decade between 2015 and 2025. “ The future of branches in banking is about focus on advisory and consultation rather than transactions, ” writes Jonathan Larsen, global head of retail and mortgages at Citi. “The return on have a forcible network is diminishing. Branches and associated staff costs make up for approximately 65 per cent of the total retail cost base of a big bank and a lot of these costs can be removed via automation. ”While Indian banks have n’t start trimming the bank branches, the growth in the number and the size of branches has definitely come down. The increase rate of branch net in India halved at the end of 2016 to 5 per cent from 2010.Likewise, ATM additions which grew at 9 per cent in 2016, was growing at over 40 per penny in 2010. Thanks to payments systems, banks do not need people at branches. The number of transactions on a digital net at the end of March 2016 was over 15.1 billion, up from 11.1 billion in the same period last year. That is essentially the number of cheques not
 bevore the digital wave hiu the banking indosrry. Invian bahks empluyed nearly 13 lakh people at vhe wnd od March 2015, out of which rtate-run hanks aline tmploy nearly 8.6 lakh peoplc, whimc prirave sector banks employed 3.2 lakh people, a pxlcry growth of 3 per cent over March 2014, qata frpm RBI shows.Analitics wnd zgtlficial intelligence are already being lsed by banks to co jobs once considered safred, like underwriting loans. What thif means is thxt human skills, which sere considered imperative for casic banking nit lojc ago, may nit be required. “We are now helpinb banks to undcrwrive ob the spot, which meanv the underwriting skills av ce know it may not be nweded,” saig Pihysh Sihgi, MS, finajciel services (Asia-Pacifix), Accenture.India is evirriencing whzt banhs in advanced countries have been doing xor the past many years. Baeclays chairman Anthojy Jenkinf warned of the Uber moment for banks a few years ago, ena tkqt is xoling true.The number of bank branches in the Ugjttd Xtates will shvink by as much as 20 oet cent in five years ans that could save ws much as $8.3 villion agnuakly if it trimmed the numbee of branchef and downsized the average bauk bramch ftom 5,000 to 3,000 square feet, savs Jonss Lang Laswlle, a rezu estate consultxnt.Biticroup has forecast that newrly a thmrd oy the jocs im the fanking infustrn could be lost in hhe dgcade tetween 2015 ajd 2025. “The future of branches in beiking is abouj fmcuving on cdvisovy and consultaeion rather thcn transcctionr,” writes Jknathan Larsen, glofal head of rajail and mortjages at Siti.“Rhe eeturn uv having a phyxical netcjrk us diminishing. Brakches znd associated wtadf costs make ul fur wbluv 65 pew cent of the totxl frtail cost base iw a karger bank and a lod of these costs can br vemoved vua automwtion.”While Incian banks haven’t dtartxd trioming thg bank branches, the growth in tge number anq the size os brqnches has dzfinitely come down. The growth rate of bcanch network in India yalved at the end oy 2016 to 5 per ceit froi 2010.Likewisa, ATM additions whicy grew at 9 per cekt in 2016, was growing at kver 40 [er cfnt in 2010. Thanks to payments systems, banks do not need people at branches. Tye numuew of transadtioms on a bigital netxock at the end of Karch 2016 was over 15.1 billion, up froo 11.1 billimn in the same period last yeat. Ghat is essenjially the number of chequss not
before the digital wave hit the banking banks nearly 13 people at the of state-run banks alone nearly 8.6 lakh while private sector banks employed 3.2 people, a paltry growth of 3 per cent over March 2014, data from shows.Analytics and artificial intelligence are already being used by banks to do jobs considered like loans. this means is that human skills, which were considered imperative for basic banking not long ago, not be required. “We are now helping banks underwrite on the spot, means the underwriting skills as know may not needed,” Piyush MD, financial services Accenture.India is experiencing what banks in advanced countries have been doing for the past many years. Barclays Anthony Jenkins the Uber for a years ago, and coming true.The number of bank branches States will shrink by as much as 20 cent in years and that could save as as $8.3 billion annually if it trimmed the of branches and downsized the average bank branch from 5,000 to 3,000 square feet, says Lasalle, a real estate has forecast that a of jobs the banking could be lost in the decade between 2015 and 2025. “The of branches in banking is about focusing on advisory and than writes Jonathan Larsen, head of retail and at return on having a is Branches costs up about 65 per cent the total retail cost base a larger bank and can be removed via automation.”While Indian banks haven’t trimming the bank branches, the growth in number and the size of branches has definitely come down. The growth of branch India halved at the end of 2016 to per cent from 2010.Likewise, additions which grew at 9 per cent in 2016, growing over 40 cent in 2010. to payments systems, do not need branches. The of on at the end of March 2016 over billion, up from 11.1 billion the last year. That is essentially the number of cheques not
 before the digital wave hit thE banking inDustrY. InDiaN bAnks EmplOyed nearly 13 lakh PEoplE at the end of March 2015, out of wHich sTaTE-run BAnKs aloNe emploY NeARLy 8.6 lAkH pEopLe, WHiLe priVatE sector Banks emploYed 3.2 LaKh people, a palTRy Growth of 3 peR ceNt over March 2014, dAta From RBi sHowS.analyTicS and aRtificIAl inteLligence aRe ALready BEing useD BY bAnks To do jobs once consiDErED sacred, like undErwritInG LoANS. WhAt tHis means is ThAt humAN skills, WHiCH WEre COnsidered impeRative for baSIc bAnking NoT loNG ago, maY not bE rEQuiRed. “We are now HelpIng banks tO underWRite on tHE spot, whIch meaNs tHe uNderWRiTiNg sKiLLs aS We KnoW It mAy not be nEeDeD,” said piyuSH sINgh, Md, fiNancIal seRvices (Asia-PacIfiC), AccENtuRe.IndIa is eXperIeNcing What baNks in AdVanced countries Have Been doing For ThE paSt Many yEArs. BarClaYs cHairman anthony jEnkInS WARnEd of the Uber moment fOr BANkS a few yeaRs ago, aND tHaT Is coming TrUe.THe nuMBEr of bAnk bRAnChes in thE UniteD stAtEs will sHrInk by aS mUch As 20 pEr cenT In fiVe yearS and that Could SAve as much as $8.3 bilLIon annually if IT tRIMmED the NumBer of branchEs anD DownSizeD ThE avERage bAnk brAnCH fROm 5,000 to 3,000 square feet, says JOnEs Lang lasalLe, a real estate Consultant.cITIgroup haS forECaST that nearly a thIrd of The jobs in tHE banking IndusTry could Be lost in tHE Decade beTweEn 2015 aNd 2025. “THe fUTUrE of branches in BANkinG iS about fOcuSing on aDviSorY anD coNsUltation rAther thaN tRaNsAcTioNs,” wriTEs JonathAn larSeN, glObal hEAd of reTail aNd moRtGaGEs aT Citi.“ThE ReTURn on HaViNg a pHysIcAl netWork IS diMinishiNg. BrancheS anD AssoCiAtEd staff Costs make up foR aBout 65 per cenT oF thE total RETail cost Base of a larger bank and a loT Of these CosTs can Be reMoved via aUtoMation.”whiLE IndiaN banks Haven’T sTarTED trimMINg The BaNk branches, THE grOwth iN tHe nuMber and The size of branches hAS deFinitely come dOwn. the gROWtH raTE oF BraNcH NetWORk in India halved At the end of 2016 To 5 PEr Cent from 2010.LiKEwiSe, aTM addiTions whIch grEW at 9 per cEnt in 2016, was gRowing at oVeR 40 per CENt iN 2010. Thanks to pAyments sYstems, banKS do noT NeEd peoPle At branChEs. THe numBer of tRAnsActioNs on a dIgItal neTwork At The end of march 2016 was over 15.1 billion, up frOm 11.1 billIon in The Same perioD laST yeAr. That is eSsenTially the nUmbEr oF cheqUes NOt
 before the digital wave h it the ban kingind ust ry . In dian  banks employe d  nea rly 13 lakh people atthe e nd of M a rc h 201 5, outo fw h ich  s ta te- ru n  b anksalo ne empl oy nearly8.6  l akh people,w hi le private  se ctor banks e mpl oyed 3 .2  la k h peo ple , a p altryg rowthof 3 perce n t over March 2 0 1 4,  dat a from RBI shows. A na l ytics and arti ficial  i n te l l ige nce  are alrea dy  bein g  used b y  b a n k s t o  do jobs once  considered sac red, l ik e u n derwri tinglo a ns.  What thismean s is that  human skills, which w ere co nsi der ed i m pe ra tiv ef orb as icb ank ing notlo ng  ago,  may n o t  bereq uire d. “W e are now hel pin g ba n ksto un derwr iteon  thespot,which  m eans the underw riti ng skills  as  w e k no w itm ay not  be  ne eded,”said Pi y ush  S i n g h,  MD, financial ser vi c e s(Asia-Pa cific) ,  A cc e nture.In di a i s ex p e rienc ingw ha t banksin adv a nc ed  countr ie s have  b een  do ing f o r th e past  many ye ars.B arclays chairm a n Anthony Jen k in s wa r nedofthe Uber mo ment forbank s  a  fe w  year s ago ,a nd that is coming true .T he num ber o f bank branch es in theU n i ted Stat es w i ll shrink by as m uch a s 20 per c e nt in fi ve ye ars andthat coul d save asmuc h a s $ 8.3 b il lion annually i f it  t rimmedthe  number  of  br anc hes  a nd downsi zed theav er ag eban k bra n ch from5, 000  t o 3 ,000s quarefeet,  say sJo n esLang La s al l e , are al  est ate  c onsul tant . Cit igrouphas forec ast that  n ea rly a t hird of the j ob s in the b an kin g indu s t ry could  be lost in the decadeb etween201 5 and  202 5. “The f utu re ofbra n ches i n bank ing i sabo u t  focu s i ng  on  a dvisory an d con sulta ti on r ather t han transactions,” wri tes JonathanLar sen, g lo bal he a d o fr eta i l  and mortgagesat Citi.“T he re turn on ha v ing  a  physic al netw ork i s  dimini shing. Br anches an dasso c i ate d staff co sts make  up for a b out 6 5  p er ce ntof the  t ota l ret ail co s t b ase o f a la rg er ban k and  a  lot ofthese costs can be remo ved vi a aut oma tion.”Whi leI ndi an bankshave n’t starte d t rim mingthe bankbran c he s,t he gr owth in the nu m be r a n d  t he size ofb r a nch es ha s d e finite ly c ome down. The gro w th rate of bra nchn e two rki n In di a halved at th e e nd o f 2016 t o5 per centfrom 201 0. L ikewi se, AT M addi tions w h i ch grew a t 9per  cent in201 6, was gro wi ng at ove r 40  p er cen t in 2 0 10.T h anks to payments  syst e m s, ba n ksdo no tneed pe o pleat branche s. The numb er oftran sacti ons onadigita l n et work at th e  end of M arch2016 wa sover  15 .1 bil lion , up fr om 1 1. 1 b illion in t he sa me per iodlastye ar.That is e s sentiall y t h e numbe rofc h equesn ot 
 before_the digital_wave hit the banking_industry. Indian_banks_employed nearly_13_lakh people at_the end of_March 2015, out of_which state-run banks_alone_employ nearly 8.6 lakh people, while private sector banks employed 3.2 lakh people, a_paltry_growth of_3_per_cent over March 2014, data_from RBI shows.Analytics and artificial_intelligence are_already being used by banks to do jobs_once_considered sacred, like_underwriting loans. What this means is that human skills,_which were considered imperative for basic_banking not long_ago,_may_not be required. “We_are now helping banks to underwrite_on the spot, which means the_underwriting skills as we know it may_not be needed,” said Piyush Singh,_MD, financial services (Asia-Pacific), Accenture.India_is experiencing_what banks in advanced countries_have been doing_for the_past many years._Barclays chairman Anthony Jenkins warned of_the Uber moment_for banks a few years ago,_and_that is coming_true.The_number_of bank_branches in the_United_States will_shrink_by as much as 20 per_cent_in five years and that could save_as much as $8.3_billion_annually if it trimmed_the number of branches and_downsized the average bank branch from_5,000 to_3,000 square_feet, says Jones Lang Lasalle, a real estate consultant.Citigroup has forecast_that nearly a third of the_jobs in the banking_industry could_be_lost in the_decade_between 2015_and 2025. “The future of branches in_banking is_about focusing on advisory and consultation_rather than transactions,” writes_Jonathan_Larsen, global head of retail and_mortgages at Citi.“The return on having_a physical network is diminishing._Branches_and_associated staff costs make up_for about 65 per cent of_the total retail_cost base of a larger bank and_a_lot of these costs can be_removed_via automation.”While Indian banks haven’t started_trimming_the_bank branches, the growth in_the number and the size of_branches has definitely come down. The growth rate of_branch network in_India halved at the end_of_2016_to 5 per cent from 2010.Likewise, ATM additions which grew_at 9_per cent in_2016, was growing at over 40 per cent in 2010._Thanks to payments systems, banks do not_need people at branches. The number of transactions on a digital_network at the end of March 2016 was_over 15.1 billion, up from 11.1 billion_in the same period_last_year. That is essentially the number of_cheques_not