FIAKS community experts discussed news in ET tech that eight large bank officials (from YES Bank, RBL Bank, Indusind Bank, Citi Bank, Standard Chartered Bank,ICICI Bank, HDFC Bank, Axis bank) participating in conference call in which they were opposing access of customer information to Fintech firms.
Several Founders,Co-Founders, CXO Bankers, CXO Fintech professional & people who participated in the discussions:
- Mr Ishan Vaish, India Partnership Manager, Apple
- Mr Anshul Srivastav, Chief Technology Officer and Digital officer, Union Insurance
- Mr Shashank Kumar, Co- Founder at Razorpay
- Mr Arun Tanksali, Co-founder & CTO, Nearex
- Mr Shashank Chowdhury, Former Executive Vice President-Inclusion Initiative, Vakrangee Software Ltd
- Mr Vikram Panjwani, Chief Executive Officer, Anthill Spaces, Former Vice President
- Mr Sandeep Todi, Co-Founder & CMO, Remitr
- Mr Riaz Maniyar, Founder & CEO at easy2lend.com
- Mr Sharad Goklani, Senior Vice President- Technology, Equitas Small Finance Bank
- Mr Salil Chugh, Global Consulting Practice(APAC) at Experian
- Mr Vikram Sareen, Blue Bricks Pty Ltd, Chief Architect,Founder,CEO
- Mr Kamonasish Aayush Mazumdar, Chief Marketing Officer, MeraEvents
- Mr Raghu Veer Dendukuri , Product Owner, Intandemly
- Mr Prabhanjan Dhotre, Director, Beehive Capital Advisors Private Ltd
- Mr Neeraj Chandra, Head of Operations, Abu Dhabi Commercial Bank
- Mr Shirsha Ghosh, Co-Founder, Torit Innovations
- Mr Sundeep Bhalla, Senior Vice President & Head, Corporates & Institution, West, Vay Networks India Pvt Ltd
- Mr Ramasubramanian S, Application, Transformation, Management and Operations Head, DXC Technology
- Mr Vikas R Panditrao, Advisor, Forum of Industry Academic Knowledge Sharing(FIAKS)Many other CEO/CXO Bankers & Fintech professional on FIAKS Forum shared their views
A community member started the discussion saying that this goes against ethos of open banking and the payment services directive being implemented in EU. But dont you think that fintech firms survive because of banks? It was said that if his bank gave him the option of paying all his bills and extend the credit card rewards catalogue, then he wouldn’t need fintech. The sad part is that banks always had this infrastructure, they have never thought about this painful point. Even for their HNI customers, who are generally their focus.
A member thinks that banks are stuck in their own era. Fintechs are challenging these banks and so now, in turn, they are trying to protect themselves. But innovation always finds a way out. Another member responds that “I don’t know why we think Banks want to help Fintech? It’s so unbelievably funny.” He further asks that should we just believe all this just because people say so or are we going to wait for any proof at all?
Anyway, the thing is a lot of this can bypass Banks already. They don’t own the data they think they do. The data is electronic and therefore there are many ways of acquiring the same.
Startups have to create volumes and case study for regulators to notice. They can’t shun when there is public acceptance.The dialogue in RBI corridors needs to be about keeping the consumer at the centre rather than the banks at the centre of discussions. When that happens, the focus of banks and Fintechs will be aligned in the same direction. Until then, it will always be the lament of Fintechs trying to snatch customers from banks.
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