Fintech the way forward for banking

The traditional banking system is being disrupted by fintech organizations, and teaming up with the fintech ecosystem will be the way forward for existing banks, noted Ravindra Pandey, representative managing director and chief information officer of State Bank of India (SBI).

Mr Pandey was talking at the IEM Economic Summit 2022, mutually coordinated by Indian Economy and Market in relationship with IT, Industries, and Commerce branch of Telangana.

 

He said that the traditional banking system is presently being disrupted by fintech companies. 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 client engagement as well.

 

“The traditional banking system is presently being disrupted by fintech organizations. Working together with the fintech ecosystem will be the far ahead for the current banks that have been in the banking space for quite a while. Now of time, SBI App Yono has 4.83 lakh registered clients and we are doing an average of one crore transactions each day,” he said.

 

IT Principal Secretary Jayesh Ranjan said the State is doing very well concerning GDP, revenue generation, and employment opportunities. “We had the option to draw in USD 35 billion every eight years. There have been repeating investments in the State by many companies,” he said.