<p>Not just banking but the entire financial services space is set for disruption over the next 10 years, which will lead to a reduction in transaction costs, veteran banker K V Kamath said on Friday.</p>.<p>He said technology is transforming the way banking is done and bankers need to internalise this.</p>.<p>Citing the first wave of change brought about in the banking space 20 years ago, Kamath said it changed the sector in a positive way.</p>.<p>"Unless you internalise it's going to be a digital world...we will see a very quick evolution of this space in the next 10 years. It's not just bank but entire financial services space is set for disruption, not necessarily a negative way, it can be also in a positive way," the former president of New Development Bank said.<br /><br /><strong>Also read:<a href="https://www.deccanherald.com/business/business-news/indias-economy-on-path-of-gradual-recovery-imf-966659.html" target="_blank"> India's economy on path of gradual recovery: IMF</a></strong></p>.<p>Speaking at the Times Network India Economic Conclave, he said disruption will bring down transaction costs dramatically.</p>.<p>For example, technology has brought down the intermediation cost for micro-credit, Kamath pointed out.</p>.<p>He said bankers need to reinvent their mindset and re-engineer themselves.</p>.<p>They must be on top of technology at all times, he added.</p>
<p>Not just banking but the entire financial services space is set for disruption over the next 10 years, which will lead to a reduction in transaction costs, veteran banker K V Kamath said on Friday.</p>.<p>He said technology is transforming the way banking is done and bankers need to internalise this.</p>.<p>Citing the first wave of change brought about in the banking space 20 years ago, Kamath said it changed the sector in a positive way.</p>.<p>"Unless you internalise it's going to be a digital world...we will see a very quick evolution of this space in the next 10 years. It's not just bank but entire financial services space is set for disruption, not necessarily a negative way, it can be also in a positive way," the former president of New Development Bank said.<br /><br /><strong>Also read:<a href="https://www.deccanherald.com/business/business-news/indias-economy-on-path-of-gradual-recovery-imf-966659.html" target="_blank"> India's economy on path of gradual recovery: IMF</a></strong></p>.<p>Speaking at the Times Network India Economic Conclave, he said disruption will bring down transaction costs dramatically.</p>.<p>For example, technology has brought down the intermediation cost for micro-credit, Kamath pointed out.</p>.<p>He said bankers need to reinvent their mindset and re-engineer themselves.</p>.<p>They must be on top of technology at all times, he added.</p>