Fintech Can Enable Billion People To Be More Productive: Samant Sikka
"Fintech can enable billion people to be more productive and it can act as a GDP multiplier," states Samant Sikka, Chief Dreamer and founder, Sqrrl at the panel discussion on 'Banks & Fintech - Scope and Opportunities for Collaboration' at the BW Businessworld Fintech Summit 2017.
He further explains about the losses suffered by banks and financial institutions throughout history. Trust has been a problem for banks and financial institutions where customers were skeptical in putting their money in banks. The customers today have started enabling their trust in these financial institutions and are happy to partner with new age institutions to transform banking.
Talking about the collaborations Naveen Kukreja, CEO & Co-founder, PaisaBazaar explained the expectations that a customer has from his bank and the importance of Fintech.
"We expect banks to be custodians of our money and expect them to manage money better. They allow of money very easily and are good at navigating the regulations and financial discipline. Many gaps in this sector have made the ecosystem change and 92 per cent of data was created." He added, "In terms of function area Fintech can play a key role especially at this time where collaboration is also very essential."
Stating the use cases where banks and Fintech can collaborate Vinay Mathews, Founder & COO, Faircent describes it at the panel in detail.
He said, "Banks and financial institutions reject many applications which can be passed down to us and we can make use of this data."
Vinay also points out cases where customers who don't pay their interests on credit purchases and customers who need credit cards can always move to lending platforms which can be helpful for the banks at the same time.
He stresses on the population of the country which is large and states that players in the Fintech industry should cater to most of them who are not served by any banks.
"Banks bring in trust and customer base. These two components are combined with Fintech companies can be a great platform." Opined Vaibhav Lodha, Co-founder, FT cash at the panel discussion.
Uday Somayajula, Co-founder, ePayLater mentions two aspects to create a long term collaboration with banks.
"Building conviction and understanding fears around business models banks would have are the two aspects to establish a partnership for fintech companies with banks."
Praveenkumar Vijayakumar, Chairman and CEO, Belfrics Global talks about blockchain in the banking ecosystem and the mentality to accept technology.
"When it comes to blockchain the banking system is aware of the technology since 2013 and we were rejected earlier. This is because banks always expect us to build something on an existing system."
Puneet Sharma, Program Director, Zone Startups India states that apart from collaborations the behavior of customers has created changes in the branch systems. He states that banks are trying to get branch experiences on mobile and the major challenge would be to create new innovations.
"In the era where internet is available in abundance we need to use technology and combine innovations." Says Navin Chandani, Chief Business Development Officer, BankBazaar.com
"Compliance, IT security, technology and hosting the solution followed by executing it are the factors that can provide more faith for fintech companies and banks can then work more closely with us." Says Vishwadeep Sharma, Chief Business Officer, Cointribe.
To conclude the panel moderated by Amit Kumar, Partner & Director, BCG the collaboration was spoken about. Manavjeet Singh, Founder and CEO Rubique said, "From a customer point of view we have made 3cr revenues per month and the value that can be added in identifying the segments to ease customer grievances."
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