Fintechs – Get Ready for Technology Integration with Banks
o Technology integration is the Elephant in the Room. This is complex and costly affair for banks as well as Fintechs. This process is normally iterative and lack of clarity generates sense of despair on both sides.
o Before approaching the bank, Fintechs may document end to end solution. This would include functional as well as technical integration requirements amongst Fintech, Banks and Third Parties (CIBIL, E-KYC etc). The cloud approach should also be documented with clear security mitigation approach.
o Multiple rounds of face to face discussions should be done with Technology as well as Security team for ensuring that the work is clearly identified and executed.