Mrutyunjay Mahapatra, DMD – Digital Business & New Business – SBI while spoke on his keynote address, enlightened the audience on how banks always want to understand their customers better and improve their relationships. "Technology could cut banks' infrastructure costs by up to $20 billion each year by 2022," he said. “Fintech is almost a synonym of .com. Everybody believes that the venture bug has come and anyone can make money in this world. What we are observing in Fintech is that many of them are engaged in the so called valuation and not the value creation game. This is the first problem. Now, Fintechs do not have the ability to scaleup when it comes to experimenting a concept with a database of 100 or 200, the software works very well but at deployment it fails because the proper sandbox ecosystem In India is not available. So reliable sandbox is not there.
Now Fintechs are there from a two month old startup to very large companies. So the when financial assistance problem comes back then many of them do not what hits them. There are four to five areas where 90% of the Fintechs are working – lending, payment, risk management and data analytics. So how in SBI we are taking it forward and trying to engage with the Fintech ecosystem. We are also trying to promote both – Make in India and to an extent Digital India.”
