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Fintechs have started collaborating with banks across multiple areas and have begun helping the bank in building innovative products / services. This collaboration is happening across lending, deposits, payments (UPI leads the way), investments etc.
This new relationship amongst Banks and Fintechs is creating immense pressure on bank’s internal systems, structures and processes as they are typically built for usage by their customers / employees through their own applications. Key areas of concern on
bank side include KYC, Credit Validation, Security, Process Automation, Audit, Scale, Financial Viability etc.
Similarly, from Fintechs perspective, dealing with many banks causes pressure on their precious resources i.e. senior management’s team as well as time to market.
Key Insights for Frictionless partnership with banks are:
More in the next one….
This post is from a series of posts in the group:
Disruption, destruction, harmony and creation; Fintech’s new frontier – a place to discuss the cutting edge of innovation.
Frederic De Melker