Several Founders, Co-Founders, CXO Bankers, CXO Fintech professionals & people who participated in the ePanel discussions:

  • Mr. Vijay Shekhar Sharma, Founder & CEO, Paytm
  • Mr. Manish Khera, Founder & MD, HAPPY-Financial Services
  • Mr. Sheoji Meena, Former Director, Bank of India Uganda Limited
  • Mr. Deepak Damodar V, Assistant General Manager, South Indian Bank
  • Mr. Ravi Joshi, Product Head Debit Card, Prepaid Cards and Marketing, IDBI Bank
  • Mr. Roopesh Chandran, Director – Fintech, Processors and Business Excellence at Visa
  • Mr. Vishweshwaran R, Senior Vice President – Digital and Customer journeys, IDFC FIRST Bank
  • Mr. Hemal Shah, former Technical Product Manager, Mastercard
  • Mr. Abhishek Arun, former Chief Operating Officer, Paytm Payments Bank
  • Mr. Shreejith Menon, Senior Director, IDFC FIRST Bank
  • Mr. Sugata Dutta, International Training Assessor & Banking Domain expert for E- Learning Platforms
  • Mr. C V Ramana Rao, Sr Manager, Punjab National Bank
  • Mr. Sharad Goklani, President and CTO at AU Small Finance Bank
  • Mr. Narayanan S, General Manager Business Solutions, Associate Director, Principal Consultant, Cognizant
  • Mr. Vikas R Panditrao, Co-Founder, Forum of Industry and Academic Knowledge Sharing (FIAKS)
  • Many other CEO/CXO Bankers & Fintech professionals on FIAKS Forum requested to remain anonymous

Here’s a product launch planned through which you could book an FD with ‘Bank E’ using Google Pay even if you do not have savings account in ‘Bank E’. The money will just flow out of the existing account say Bank B, or Bank C, etc into new Bank E, which just started its operations. In the following bespoke, community members raise some serious concerns on the product that is getting launched using Google Pay that can just empty ‘Low-Cost Deposits’ of various banks.

Question 1: Aren’t we destabilizing banks under the name of disruption?

  • There is no disruption or destabilization. Google is a booking channel akin to banks having people at an airport selling credit cards.
  • Obviously tech companies crazy multiple is because of customer journey and or experience. Google owns the customer and the bank becomes inconsequential. Typically low brand recall, repair hungry banks will work with large tech platforms to acquire customers thinking they will be able to cross-sell later/get quick deposits – will be very difficult.

Question 2: Isn’t interoperability misused? Institutions have done the heavy lifting by investing billions of dollars to create markets over decades and under the name of interoperability we are offering these customers on a platter?

  • Well, this is the democratization of banking and providing another channel of sourcing for FDs that will let customers choose, this means from the comfort of home/office easily with transparency on offer.
  • Of course, it’s a change from current practice and flow and incumbents will need to innovate and match. Just like when private banks got license last century, last decade to Payments Bank and Small Finance Banks thereafter.
  • The pie will just expand as there are so many informal savings/deposits that exist out there

Question 3: Did iSpirit thought of this scenario or not, when they pushed big-tech to deploy all the ammunition in India?

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