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Banks Fighting Fintech: Stepping Up to Transform the SME Lending Process

Atul Banga

Innovation Evangelist, Research and Innovation, TCS

Harnessing the power of deep learning and enterprise AI to drive agility

Problems banks are facing:

  • Over the past few years, fintechs have uprooted existing banking operating models, including the process of lending to small businesses
  • They have used agile, platform-based digital technologies to do so

What they need to counter this:

  • Banks are desperate to innovate and drive business change with newer technologies
  • They are increasingly looking to adopt automation and artificial intelligence to optimize their business processes and improve customer experience

Two-pronged approach that banks can adopt:

  • Banks could automate the client onboarding process
    • How? By creating a credit rating platform based on deep learning to analyze customer data and automate the decision-making process
  • Banks could create a bank data marketplace
    • How? By creating an internal marketplace of their own and offering existing SME clients a new set of customers to sell products and services to