Building On Platforms That Can Leapfrog Fintech Innovations

Digital innovators from the BFSI industry shares their perspectives on innovations in digital platforms at Technoviti 2019:

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Ravindra Pandey, CGM - Corporate Strategy & New Business, SBI

The government of India has provided many common digital blocks for the industry. State Bank of India’s UNO app has been built on these digital building blocks. Any fintech innovation cannot happen in isolation. The entire system needs to come together to create the ecosystem. There are number of platforms available which are open to all, and these platforms can be used by fintechs and banks. Nowadays, banks are becoming the new fintech companies.

Companies like Google and Amazon are capturing the lifestyle of the customers. Ola and Uber are creating a banking platform for the customer and they are primarily catalysts for improving the banking behaviour of the customers. Bankers are now in a state of uncertainty when it comes to data privacy, as they collaborate with the fintechs to provide best customer experience and at the same time they need to guard the customer data.

There is a relationship of trust between banks and customers. Banks will lose that trust if they share customer data. We at SBI are focusing on creating the right form of data. We have created a compliance culture for customer data security.

Prasanna Lohar, Head - Innovations, DCB Bank