Earlier this week, the Reserve Bank governor also spoke about strengthening the fintech system in banks and reducing costs. Leading banks have also laid out their digital plans and upped the ante even as the fintech wave grows.

In an interview to CNBC-TV18, Jithesh PV, vice president and head-fintech partnerships at Federal Bank and Sameer Shetty, president and head-digital business and transformation at Axis Bank spoke at length about what lies ahead for banking in the new digital world.

First up, Shetty said that fintech is large enough for all players to get in.

Also Read: Ways in which fintech is transforming banking in India

He further said that digital helps in getting customers at lower cost and 97 percent of service requests in branches are via digital. Also, the cost of opening an account is 35 percent lower digitally, said Shetty.

Meanwhile, Jithesh said that customers can do a lot of work via digital except for cash deposits.

Also Read: RBI proposes discussion paper on digital payment charges: fintech cos, Paytm may see impact

However, security is a must in every bank, especially with regards to digital space, he said.

For the entire discussion, watch the video