Going forward, he said, branches are going to become nothing but distribution points like what has happened in Europe and other places.
This is where the big opportunities lie, he said adding, "I am sure as we evolve, and we will evolve very very fast. Fintech is the way forward as far as the Indian banking system is concerned and the payment system is concerned."
refers to companies or services that use technology to offer financial services to businesses or consumers.
Bandhan Bank managing director Chandra Shekhar Ghosh said:"Banks and Fintech will co-exist to drive the ecology of money. There are benefits that Fintech brings in that banks do not inherently have and vice-a-versa. A combination of both is what brings best value for customers.
"It is not about UX (user experience) but about CX (customer experiences). Best consumer experiences come from a combination of traditional banking and Fintech... both will thrive and together drive growth for themselves and for the reason of their existence -- the customers. Customers are the first priority."
Observing that India is not one market but a sum of various small markets, Ghosh said Fintech companies have to develop products for each segment rather than jumping in the same space.
Pointing out that consumer behaviour has undergone change during the lockdown and COVID period, Ghosh said digital payment has seen significant growth and is going to stay even after COVID-19 is over, he added.
On the need for strengthening cyber security, Ghosh said, for Fintech to thrive, a strong risk mitigation framework has to be put in place.
"Customers also need to be made aware of the practices and how to avoid being defrauded. This is where regulation will play a big role. All financial regulators in the country have to focus on consumer interest and have brought in rules and regulation to ensure that users and customers are not inconvenienced," he said.
He said there has been spurt in online fraud during COVID-19 period and most defrauded customers are elderly who are least aware about the technology.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.