Banks have been focusing on delivering results through their employees for all these years, They have partnered with DSAs, Payments Gateways / processors,software vendors etc in this endeavor.
Fintechs are new partners onboard, who can help in improving the business model by:
– Getting banks access to newer customer base (digital ones for sure)
– Getting them comprehensive customer data
– Helping in creating newer products / services (Zestmoney for RBL / DCB)
– Getting them more transactions (Phonepe for Yes Bank)
Irrespective of the above benefits, Fintechs help in:
– Giving new digital vision to Bank leadership (that Digital can work)
– Pushing business bank teams to think differently as their conventional approaches get challenged
– Pushing tech teams to rethink what they can do (from support roles to transformation roles)
Digital Transformation – Nimble, Simple, Real… and Frugal too…