Page 27 - Banking Finance May 2024

ARTICLE

DIGITAL

ECOSYSTEM AND

BANKING

SECTOR

I ndia's presidency of the G20 in 2023 placed digital The year 2024 promises to be a pivotal moment in the
public infrastructure (DPI) on the global map. Until
ongoing evolution of the digital landscape. The
November 2022, DPI as a term did not exist for most
developments of 2023, marked by technological
people around the world. In a period of nine months,
between December 2022 and August 2023, not only was advancements, changing customer behaviours due to
economic uncertainty, tweaks to regulatory requirements,
the grammar and syntax of DPI created, but a suggested and competitive pressures, have served as a stepping stone
framework for DPI was also accepted by the G20 member for organizations in crafting their digital transformation
states. strategies for 2024.

The use of technology for inclusion is a concept that has To secure a competitive edge, organizations must prioritize
existed for a long time. What is new is that, for the first agility and innovation. Furthermore, data-driven decision-
time, a framework-marrying technology, governance, and making, AI integration, cybersecurity enhancements, and
the role of communities-has been agreed upon sustainable practices will be pivotal in shaping successful
multilaterally. digital transformation strategies for the year ahead and
beyond.

A digital ecosystem is a network of inter-connected
companies or products. Today businesses are recognizing
the benefits of partnerships and connectivity. All top
companies in the world have a digital ecosystem in place.
They build networks of connected products and partner with
other companies, sharing resources and expertise
throughout their ecosystem. Even partnering with one other

24 | 2024 | MAY | BANKING FINANCE