<ul><li>India’s draft of the <keyword id="2617070" type="PERSON" weightage="20" keywordseo="Personal-Data-Protection-Bill">Personal Data Protection Bill</keyword> 2019 allows the government to have unfettered access to citizen data in the name of ‘national security’. </li><li>Russia’s successful test of its own internet enforces a similar ‘sovereign internet’ law allowing for content to be blocked in an ‘emergency situation’. </li><li>India is already following in China’s footsteps with data localisation. </li></ul>Many Asian countries are moving to limit the many unlimited freedoms that Internet offers. The latest to join the list is Russia which just completed the first successful test of its own internet. And China already has the Great Firewall. India, on the other hand, is best known for <a href="https://www.businessinsider.in/tech/news/caa-internet-shutdowns-make-india-example-for-china/articleshow/72931761.cms">shutting down the internet all together</a> in any situation it deems to be a ‘public emergency’. <div type="image" title="internet_edited" msid="72990281" hostid="261" caption="&amp;lt;p&amp;gt;Citizens of Kashmir protest the internet shutdown in the region&amp;lt;/p&amp;gt;"></div>

 India, which already has the dubious distinction of being called the ‘<a href="https://www.businessinsider.in/india-accounted-for-most-number-of-intentional-internet-shutdowns-in-south-asia-2017-18-unesco/articleshow/64189016.cms">internet shutdown capital of the world</a>’, is looking to introduce stringent laws. A new draft of the Personal Data Protection Bill speaks of more restrictions and surveillance. While the government claims that the goal of the bill is to emulate Europe’s General Data Protection Regulation (<a href="https://www.businessinsider.in/heres-what-india-needs-to-know-about-gdpr/articleshow/64320255.cms">GDPR</a>), one key different puts it more along the footsteps of China and Russia’s data laws — the fact that the government can have unfettered access to citizen data for ‘national security’. <div type="Article" hostid="261" msid="68389336" title="Here’s what global tech CEOs have to say about India's data protection laws" mstype="2" mssubtype="0"></div>

 The first steps towards mass surveillance A day before Christmas, the Russian’s Ministry of Communications announced that the country has successfully unplugged the internet according to a <a href="https://www.bbc.com/news/technology-50902496">BBC</a> report. It marks the implementation of Russia’s ‘sovereign internet’ law, which allows the government to block content in an ‘emergency situation’. <a href="https://www.hrw.org/news/2019/10/31/russia-new-law-expands-government-control-online#">Experts</a>’ main critique of the law is that it’s the first step towards dismantling the internet. The definition of an ‘emergency situation’ is vague but the government insists that the main purpose is to prevent cyberattacks. <a href="https://www.cpomagazine.com/data-protection/new-india-data-protection-bill-may-give-government-unlimited-access-to-citizen-data/">Critics</a> in India find similar faults with the Personal Data Protection Bill. Though the government won’t have the power to remove online content, it will be able to track and monitor accounts that it <a href="https://www.businessinsider.in/business/news/iamai-flags-ambiguities-in-draft-data-protection-bill-seeks-clarity-on-classification-consent/articleshow/72282044.cms">deems to be a ‘threat’</a> — essentially creating a backdoor that can be opened at any time without having to lift a finger. Another way to think about it that the new data privacy laws will apply to everyone, <a href="https://www.businessinsider.in/business/news/centres-exemption-powers-in-draft-data-protection-bill-stir-up-industry-worries/articleshow/72461296.cms">except for the government</a>. The trend of data protection through localisation India is already following in China’s footsteps with its data localisation laws, according to a report by the Eurasia Group and Vontobel. They say it’s partly a way to protect domestic technology companies from foreign competition. And while that may be true, multiple studies show that India companies don’t have the adequate cybersecurity infrastructure in place to protect against data theft. Forcepoint finds that 69% of Indian organisations are at risk of being breached and nearly half of them have encountered a data breach in the past. <div type="Article" hostid="261" msid="69768390" title="Apple, Amazon, and Microsoft want one more shot at convincing India before data protection bill reaches Parliament" mstype="2" mssubtype="0"></div>

 The level of a vulnerability is worryingly high when one takes into considering that the country has already made data localisation mandatory for financial transactions of its citizens. As experts point out, <a href="https://www.businessinsider.in/tech/news/data-localisation-wont-help-local-firms-or-improve-privacy-but-it-could-cost-india-43-billion/articleshow/72251167.cms">data localisation may keep the data from foreign firms</a> — but it also creates a single point of attack. It won’t be cheap either. According to a report by ICRIER and IAMAI, the restrictions would hamper cross-border data flows costing India up to $43 billion in trade. The lingering question The Personal Data Protection Bill 2019 is still under discussion leaving the possibility open for the proposed laws to be changed before they’re official. "Effective data privacy and personal information protection are critical pillars for driving consumer trust in the rapidly growing digital economy," said the country manager for BSA India, Venkatesh Krishnamoorthy. And he rightly points out, maintaining trust is critical as cybersecurity threats are only set to increase in 2020 as technology continues to evolve and legislation struggles to keep up. The combination of data localisation and tracking of users online activity makes a for a dangerous mixture that could have India becoming the next country to splinter the internet along with China, Iran, Russia and Saudi Arabia. See also: <a href="https://www.businessinsider.in/policy/news/indias-new-data-protection-is-in-the-works-and-companies-will-only-have-to-pay-2-million-for-violations/articleshow/72381112.cms">India's new data protection law is in the works and companies will only have to pay $2 million for violations</a> <a href="https://www.businessinsider.in/groups-of-foreign-companies-are-lobbying-against-indias-personal-data-protection-bill/articleshow/66070718.cms">Groups of foreign companies are lobbying against India's Personal Data Protection Bill</a> <a href="https://www.businessinsider.in/tech/news/data-localisation-wont-help-local-firms-or-improve-privacy-but-it-could-cost-india-43-billion/articleshow/72251167.cms">Data localisation won't help 'local' firms or improve privacy — but it could cost India $43 billion</a>

Indian data laws have an uncanny resemblance to Russia’s 'new' internet and China’s 'Great Firewall'

<ul class="summary-list"><li>This is a preview of Digital Banking Ecosystem research report from Business Insider Intelligence.</li><li><a href="https://store.businessinsider.com/products/the-digital-banking-ecosystem?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=full_report_text&amp;itm_term=store_text_link-digital-banking-ecosystem-2019-11&amp;vertical=banking#!/">Purchase this report.</a></li><li><a href="https://store.businessinsider.com/products/banking-pro?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=top_text&amp;itm_term=bii_subscription_text_link-digital-banking-ecosystem-2019-11">Business Insider Intelligence offers even more fintech coverage with Banking Pro. Subscribe today to receive industry-changing finance news and analysis to your inbox.</a></li></ul>The banking industry is in the grips of an identity crisis. Leaders of the world's largest banks - such as Citi, BBVA, and Goldman Sachs - have begun describing themselves as technology companies with banking licenses.However, this description is still aspirational. Executing the vision will require billions of dollars in investments, the restructuring of teams, a reimagining of the entire banking technology stack, and the adoption of a far more customer-centric business view. The stakes of failing to transform are high: Accenture <a href="https://www.accenture.com/us-en/insights/financial-services/bank-branch-digital-disruption" target="_blank" rel="noopener">projects</a> that 35% of all bank revenues could be at risk from more tech-savvy competitors like fintechs as soon as 2020 for incumbents that fail to up their game.As a result, a wave of digital transformation is now sweeping the banking industry, as incumbents shore up against consumer demand and competitive pressures. Major banks have already announced multibillion-dollar, multiyear digitization projects: By 2021, global banks' IT budgets will surge to $297 billion, up 14% from $261 billion in 2018, according to Celent.Many incumbent banks are opting to decrease their branch budgets and networks and reinvest their resources in digital channels such as mobile instead to cater to current consumer preferences, and are enlisting the help of tech-savvy software vendors to modernize their tech stacks from top to bottom as part of this process.In the Digital Banking Ecosystem report, Business Insider Intelligence explores the incumbent banking landscape as a whole, and the third parties banks are calling on to help their transition to digital. We then take a closer look at the three biggest drivers for incumbent banks' digitization push: digital-native competitors like neobanks and Big Tech companies; changing consumer behaviors and banking channel preferences; and a growing array of cybersecurity threats.Lastly, we examine what incumbents are already doing today to transform themselves into digital-first organizations to compete in a customer-centric, data-driven global economy, and how they are learning to meaningfully measure the progress of their transformations. The companies mentioned in this report include: Acronis, Amazon, Ant Financial, Apple, Ario, Banco Galicia, Bancorp, Bank of America, Bank of England, Barclays US Consumer Bank, BBVA, BNP Paribas, Caixa Geral de Depositos, CaixaBank, Capital One, China Construction Bank, Citigroup, Citizens Bank, Compliance.ai, CSI, Dave, Detroit Fintech Bay, Deutsche Bank, Diasoft, Emirates NBD Bank, Finastra, Finn AI, Finxact, First Direct, FIS, Fiserv, Flagstar Bank, Forcepoint, ForSee, Forward Networks, Geezeo, Gemalto, Goldman Sachs, Google, Grab, Hello Bank, Help Systems, HotJar, HSBC, IBM, ICBC, Infosys, ING, ING Direct, Intesa Sanpaolo, Jack Henry, JPMorgan Chase, Kenna Security, Lloyds Bank, Lyft, Midwest Bank, Mission Bank, Monzo, N26, Nationwide, NatWest, nCino, ObserveIT, OnDeck, Openbank, Osano, Personetics, PNC, RBS, Reciprocity Labs, Saga, Santander, Sberbank, Square, Starling Bank, Strands, Tanium, Temenos, Tencent, Thomson Reuters, Thought Machine, Tink, TSB, Uber, United Income, US Bank, Wells Fargo, Zelle, and Zopa. Here are some of the key takeaways from the report:<ul><li>Incumbent banks are intensifying their digitization efforts in the face of changing consumer demands and growing competitive pressures.<ul><li>The number of US consumers considering switching banks in the next 12 months increased by 86% from a year before, from 6.9 million to 11.9 million, per Resonate, with consumers citing the need for better digital banking services and more personalized products and tools as major motivators.</li><li>Meanwhile, tech giants like Google and Amazon are poised to grab up to 50% of the $1.35 trillion in US financial services revenue from incumbent banks, per McKinsey, leveraging their tech expertise to lure away customers.</li></ul></li><li>Legacy channel usage is steadily dwindling, while digital channel usage is firmly on the rise. This turn to digital is being accelerated by younger, tech-savvy generations like millennials and Gen Zers quickly becoming banks' largest addressable market.<ul><li>Once the most widely used banking channel in the US, branch use will drop at a compound annual growth rate (CAGR) of -2.01% between 2019 and 2024, per Business Insider Intelligence projections.</li><li>Meanwhile, mobile banking, the least-used banking channel in 2008, is expected to grow at a CAGR of 2.83% between 2019 and 2024, the highest among all channels. </li></ul></li><li>To digitally transform, banks need to join forces with partners, enemies, and frenemies alike. Vendors will be key to the modernization of banks' IT, with specialists catering to each layer: 81% of banking executives surveyed by Finextra and the Euro Banking Association cited working with partners as the best strategy for achieving digital transformation goals. Banks' growing IT budgets reflect their changing priorities: By 2021, global banks' IT budgets will surge to $297 billion, up 14% from $261 billion in 2018, according to Celent.</li><li>Banks' digital transformations are already well under way, and incumbents are making massive changes to the way they operate and plan for the future to compete in a digital economy. They're doing this by embracing digital-ready innovation models; adopting new business models like open and direct banking; and reorienting their tech stacks around the digital customer experience.</li></ul>In full, the report:<ul><li>Outlines the incumbent banking landscape and its components, and the structure of the banking tech stack and the vendors supplying each of its layers.</li><li>Explains the biggest drivers behind banks' digital transformations, especially the rise of tech-savvy competitors, shifts in consumer behaviors, and a growing number of cybersecurity threats.</li><li>Highlights the steps banks are already taking to turn themselves into digital-first, data-driven, and customer-centric organizations. </li><li>Evaluates the progress incumbents have made towards digitization, and how deeply they've embedded themselves in the emerging cross-industry digital banking ecosystem.</li></ul>Interested in getting the full report? Here's how to get access:<ol><li>Purchase &amp; download the full report from our research store. &gt;&gt; <a href="https://store.businessinsider.com/products/the-digital-banking-ecosystem?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=full_report_text&amp;itm_term=store_text_link-digital-banking-ecosystem-2019-11&amp;vertical=banking#!/">Purchase &amp; Download Now</a></li><li>Sign up for Banking Pro, Business Insider Intelligence's expert product suite tailored for today's (and tomorrow's) decision-makers in the financial services industry, delivered to your inbox 6x a week. &gt;&gt; <a href="https://store.businessinsider.com/products/banking-pro?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-digital-banking-ecosystem-2019-11">Get Started</a></li><li>Join thousands of top companies worldwide who trust Business Insider Intelligence for their competitive research needs. &gt;&gt; <a href="https://www.businessinsider.com/intelligence/corporate?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-digital-banking-ecosystem-2019-11">Inquire About Our Enterprise Memberships</a></li><li>Current subscribers can read the report <a href="https://intelligence.businessinsider.com/post/the-digital-banking-ecosystem-these-are-the-key-players-biggest-shifts-and-trends-driving-short-and-long-term-growth-in-one-of-the-worlds-largest-industries-2019-11" target="_blank" rel="noopener">here</a>.</li></ol><a href="https://store.businessinsider.com/products/banking-pro?itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_subscription&amp;itm_content=banking&amp;itm_campaign=banking-2"></a> Read the latest <a href="/banking">banking news</a> and featured articles: - <a href="/banking-industry-trends">Banking Industry Trends</a> - <a href="/future-of-banking-technology">Future of Banking Technology</a> - <a href="/mobile-banking-market-trends">Mobile Banking Market</a> - <a href="/banking-as-a-service-industry">Banking as a Service Explained</a> - <a href="/digital-banking">Digital Banking</a> - <a href="/open-banking-api-trends-explained">Open Banking &amp; Bank APIs</a> - <a href="/alternative-lending-nonbank-industry">Alternative Lending &amp; Nonbanks</a> - <a href="/evolution-of-the-us-neobank-market">US Neobank Market</a>

THE DIGITAL BANKING ECOSYSTEM: These are the key players, biggest shifts, and trends driving short- and long-term growth in one of the world's largest industries

<ul class="summary-list"><li>This is a preview of Digital Banking Ecosystem research report from Business Insider Intelligence.</li><li><a href="https://store.businessinsider.com/products/the-digital-banking-ecosystem?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=full_report_text&amp;itm_term=store_text_link-digital-banking-ecosystem-2019-11&amp;vertical=banking#!/">Purchase this report.</a></li><li><a href="https://store.businessinsider.com/products/banking-pro?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=top_text&amp;itm_term=bii_subscription_text_link-digital-banking-ecosystem-2019-11">Business Insider Intelligence offers even more fintech coverage with Banking Pro. Subscribe today to receive industry-changing finance news and analysis to your inbox.</a></li></ul>The banking industry is in the grips of an identity crisis. Leaders of the world's largest banks - such as Citi, BBVA, and Goldman Sachs - have begun describing themselves as technology companies with banking licenses.However, this description is still aspirational. Executing the vision will require billions of dollars in investments, the restructuring of teams, a reimagining of the entire banking technology stack, and the adoption of a far more customer-centric business view. The stakes of failing to transform are high: Accenture <a href="https://www.accenture.com/us-en/insights/financial-services/bank-branch-digital-disruption" target="_blank" rel="noopener">projects</a> that 35% of all bank revenues could be at risk from more tech-savvy competitors like fintechs as soon as 2020 for incumbents that fail to up their game.As a result, a wave of digital transformation is now sweeping the banking industry, as incumbents shore up against consumer demand and competitive pressures. Major banks have already announced multibillion-dollar, multiyear digitization projects: By 2021, global banks' IT budgets will surge to $297 billion, up 14% from $261 billion in 2018, according to Celent.Many incumbent banks are opting to decrease their branch budgets and networks and reinvest their resources in digital channels such as mobile instead to cater to current consumer preferences, and are enlisting the help of tech-savvy software vendors to modernize their tech stacks from top to bottom as part of this process.In the Digital Banking Ecosystem report, Business Insider Intelligence explores the incumbent banking landscape as a whole, and the third parties banks are calling on to help their transition to digital. We then take a closer look at the three biggest drivers for incumbent banks' digitization push: digital-native competitors like neobanks and Big Tech companies; changing consumer behaviors and banking channel preferences; and a growing array of cybersecurity threats.Lastly, we examine what incumbents are already doing today to transform themselves into digital-first organizations to compete in a customer-centric, data-driven global economy, and how they are learning to meaningfully measure the progress of their transformations. The companies mentioned in this report include: Acronis, Amazon, Ant Financial, Apple, Ario, Banco Galicia, Bancorp, Bank of America, Bank of England, Barclays US Consumer Bank, BBVA, BNP Paribas, Caixa Geral de Depositos, CaixaBank, Capital One, China Construction Bank, Citigroup, Citizens Bank, Compliance.ai, CSI, Dave, Detroit Fintech Bay, Deutsche Bank, Diasoft, Emirates NBD Bank, Finastra, Finn AI, Finxact, First Direct, FIS, Fiserv, Flagstar Bank, Forcepoint, ForSee, Forward Networks, Geezeo, Gemalto, Goldman Sachs, Google, Grab, Hello Bank, Help Systems, HotJar, HSBC, IBM, ICBC, Infosys, ING, ING Direct, Intesa Sanpaolo, Jack Henry, JPMorgan Chase, Kenna Security, Lloyds Bank, Lyft, Midwest Bank, Mission Bank, Monzo, N26, Nationwide, NatWest, nCino, ObserveIT, OnDeck, Openbank, Osano, Personetics, PNC, RBS, Reciprocity Labs, Saga, Santander, Sberbank, Square, Starling Bank, Strands, Tanium, Temenos, Tencent, Thomson Reuters, Thought Machine, Tink, TSB, Uber, United Income, US Bank, Wells Fargo, Zelle, and Zopa. Here are some of the key takeaways from the report:<ul><li>Incumbent banks are intensifying their digitization efforts in the face of changing consumer demands and growing competitive pressures.<ul><li>The number of US consumers considering switching banks in the next 12 months increased by 86% from a year before, from 6.9 million to 11.9 million, per Resonate, with consumers citing the need for better digital banking services and more personalized products and tools as major motivators.</li><li>Meanwhile, tech giants like Google and Amazon are poised to grab up to 50% of the $1.35 trillion in US financial services revenue from incumbent banks, per McKinsey, leveraging their tech expertise to lure away customers.</li></ul></li><li>Legacy channel usage is steadily dwindling, while digital channel usage is firmly on the rise. This turn to digital is being accelerated by younger, tech-savvy generations like millennials and Gen Zers quickly becoming banks' largest addressable market.<ul><li>Once the most widely used banking channel in the US, branch use will drop at a compound annual growth rate (CAGR) of -2.01% between 2019 and 2024, per Business Insider Intelligence projections.</li><li>Meanwhile, mobile banking, the least-used banking channel in 2008, is expected to grow at a CAGR of 2.83% between 2019 and 2024, the highest among all channels. </li></ul></li><li>To digitally transform, banks need to join forces with partners, enemies, and frenemies alike. Vendors will be key to the modernization of banks' IT, with specialists catering to each layer: 81% of banking executives surveyed by Finextra and the Euro Banking Association cited working with partners as the best strategy for achieving digital transformation goals. Banks' growing IT budgets reflect their changing priorities: By 2021, global banks' IT budgets will surge to $297 billion, up 14% from $261 billion in 2018, according to Celent.</li><li>Banks' digital transformations are already well under way, and incumbents are making massive changes to the way they operate and plan for the future to compete in a digital economy. They're doing this by embracing digital-ready innovation models; adopting new business models like open and direct banking; and reorienting their tech stacks around the digital customer experience.</li></ul>In full, the report:<ul><li>Outlines the incumbent banking landscape and its components, and the structure of the banking tech stack and the vendors supplying each of its layers.</li><li>Explains the biggest drivers behind banks' digital transformations, especially the rise of tech-savvy competitors, shifts in consumer behaviors, and a growing number of cybersecurity threats.</li><li>Highlights the steps banks are already taking to turn themselves into digital-first, data-driven, and customer-centric organizations. </li><li>Evaluates the progress incumbents have made towards digitization, and how deeply they've embedded themselves in the emerging cross-industry digital banking ecosystem.</li></ul>Interested in getting the full report? Here's how to get access:<ol><li>Purchase &amp; download the full report from our research store. &gt;&gt; <a href="https://store.businessinsider.com/products/the-digital-banking-ecosystem?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=full_report_text&amp;itm_term=store_text_link-digital-banking-ecosystem-2019-11&amp;vertical=banking#!/">Purchase &amp; Download Now</a></li><li>Sign up for Banking Pro, Business Insider Intelligence's expert product suite tailored for today's (and tomorrow's) decision-makers in the financial services industry, delivered to your inbox 6x a week. &gt;&gt; <a href="https://store.businessinsider.com/products/banking-pro?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-digital-banking-ecosystem-2019-11">Get Started</a></li><li>Join thousands of top companies worldwide who trust Business Insider Intelligence for their competitive research needs. &gt;&gt; <a href="https://www.businessinsider.com/intelligence/corporate?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-digital-banking-ecosystem-2019-11">Inquire About Our Enterprise Memberships</a></li><li>Current subscribers can read the report <a href="https://intelligence.businessinsider.com/post/the-digital-banking-ecosystem-these-are-the-key-players-biggest-shifts-and-trends-driving-short-and-long-term-growth-in-one-of-the-worlds-largest-industries-2019-11" target="_blank" rel="noopener">here</a>.</li></ol><a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a>

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Indian data laws have an uncanny resemblance to Russia’s 'new' internet and China’s 'Great Firewall'

Prabhjote Gill

THE DIGITAL BANKING ECOSYSTEM: These are the key players, biggest shifts, and trends driving short- and long-term growth in one of the world's largest industries

Maria Elm

THE DIGITAL BANKING ECOSYSTEM: These are the key players, biggest shifts, and trends driving short- and long-term growth in one of the world's largest industries

Maria Elm

THE DIGITAL BANKING ECOSYSTEM: These are the key players, biggest shifts, and trends driving short- and long-term growth in one of the world's largest industries

Maria Elm