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Small Fintech Companies Pose Threat to Goliath SBI
October 24, 2017
Despite the strength of as many as 24,000 thousand branches and a whopping 42 crore customers, India’s largest lender State Bank of India (SBI) is worried about facing competition from the small yet fast-growing fintech companies, new chairman Rajnish Kumar Said.
Kumar, who recently appeared for an interview, said that there is a risk of disruption caused by the technology, which is why SBI must stay alert and meet the challenges posed by the new fintech companies.
The banking industry is going through a major change lately with fintech companies like ItzCash, Paytm, etc. disrupting the traditional services. Although SBI has 30% market share in total payments, Kumar said they must “not be smug about it”.
