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Digitisation and innovative technologies are creating unprecedented disruption in the banking sector, and lenders need to be agile to meet the rising expectations of customers, State Bank of India's Chairman Dinesh Khara said on Friday. Banks have adopted the digital revolution, which has reduced their cost and widened the area of services they offer, he added. "Digital innovation is redefining industries and changing the way businesses function. Digitisation and innovative technologies are creating unprecedented disruption in the banking sector and the rate of change is accelerating," Khara said at a Dun & Bradstreet event. Today, digitisation and digital innovations have become a strategic priority for the banking industry, he noted. "Banks need to be agile and nimble as technology increases customer expectation and the regulatory landscape also evolves rapidly to keep pace with technological advancement," he said. According to Khara, there is a realisation among banks that the
Employee engagement and retention has emerged as the worst-hit aspect of organisations in the technology sector amid the COVID-19 pandemic, according to a report. The other four aspects impacted the most by the pandemic were revenue, client engagement, new clients & projects, and employee productivity, the report by PeopleAsset, an executive search & talent advisory firm, said. The report said that in a survey of senior leaders across functions and industries, 88.9 per cent of leaders agreed that COVID-19 has had a profound impact on their organizations, with the same number observing that employee engagement and retention were the hardest hit. When it comes to employee engagement, the organisations are facing the challenges of lack of sense of association with the organization, reduced interconnectedness, communication, team collaboration, and work-life balance, the report said. A record number of people around the world, especially in the tech industry, have begun to quit ...