The traditional banking system is being disrupted by fintech companies, and collaborating with the fintech ecosystem will be the way forward for existing banks, noted Ravindra Pandey, deputy managing director and chief information officer of State Bank of India (SBI).
Mr Pandey was speaking at the IEM Economic Summit 2022, jointly organised by Indian Economy and Market in association with IT, Industries and Commerce department of Telangana.
He said that the traditional banking system is now being challenged by new players in the evolving fintech market. This evolution is in fintech payment and remittance, process improvement and customer engagement. The fintech sector began with payment and remittance technology and has gradually moved to customer engagement as well.
