Banks, fintechs open to consortia approach
Asia-Pacific Banking & Finance Magazine (AB+F)
Asia-Pacific Banking & Finance Magazine (AB+F) a flagship Australian banking and finance publication highlights TCS Chief Technology Officer Ananth Krishnan’s views on banks and start-ups collaboration.
The relationship between the fintechs and the banks is strengthening as start-ups seek to capitalise on the gaps in the services typically provided by incumbents.
According to Ananth, “engaging and knowing each other is the first step.” Ananth told AB+F that the fintech eco-system recognises the strength of the banks and the banks acknowledge fintechs’ agility and closeness to consumer to solve a very narrow set of customer scenarios.
While some fintechs will get bought by larger banks, establishing consortia is the next logical step. In Australia, Ananth is working with several banks on that precise issue – creating a fintech culture inside a larger enterprise.
According to AB+F, many of TCS customers - including in Australia - are engaging with TCS Co-Innovation Network (COIN) in a bid to round out their own strategies. COIN brings together several groups of experts across the research, academic, start-up and corporate worlds.
In Ananth’s view, the AI story has picked up steam in the last few years and conversations are mostly centered on how much of the customer experience context can be analysed. However, banks are more interested in the potential to fix the back office and not just from a cost perspective but from a reliability perspective.
“If you are able to transact with no errors think of what it can do for regulatory compliance," Ananth told AB+F.
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