Hyderabad, May 15 (Representative) State Bank of India (SBI) Deputy Managing Director and Chief Information Officer (CIO) Ravindra Pandey on Sunday said the traditional banking system is now being disrupted by the Fintech Companies. Addressing at the IEM Economic Summit 2022 on ” Emergence of Fintechs: A Challenge to Banking Industry”. & “Investment Opportunities In The state of Telangana “ being organized by Mumbai based monthly business magazine Indian Economy and Market (IEM) in association with Telangana IT, Industries and Commerce Department here, Ravindra said there has been a lot of transformation in the financial sector after the introduction of Fin-Tech Apps. The Fintech Landscape in India is evolving into three domains — namely Fintech payment and remittance, process improvement and customer engagement. The Fintechs which started with payment and remittance technology, have now slowly shifted to customer engagement as well, he said. Collaborating with the Fintech ecosystem will be the way ahead for the existing banks who have been in the banking space for a long time.
At this point of time SBI App Yono has 4.83 lakh registered users and we are doing an average of one crore transactions per day, he added. Rajnish Kumar, Ex Chairman SBI and Director Bharat Pe said regarding Fintech, I would say we are the third largest country in this domain. The Smartphone penetration and lower data packages have significantly contributed to this Fintech boom in our country. Fintech is providing jobs to many people in our country. I see collaboration and convergence between banks and Fintech companies in the near future. Telangana Principal Secretary (Industries and IT) Jayesh Ranjan, who is the chief guest at the event, said that “Telangana will complete eight years of its existence very soon . We are going great in terms of GDP, revenue generation and employment opportunities. We were able to attract 35 billion USD in the eight years. There have been repeat investments in the state by many companies. Regarding the farm income, he said I am very much confident that the farm income in Telangana will be doubled in the near future,” he added.
Speaking on the occasion, SBI former Chairman and Bharat Pe Chairman Rajnish Kumar said that we are the third largest country in Fintech domain. The Smartphone penetration and lower data packages have significantly contributed to this Fintech boom in our country. Fintech is providing jobs to many people in our country and will see collaboration and convergence between banks and Fintech companies in the near future, he added. Dr. Ajay Kumar Agarwal, Chairman of the Board, Indian Economy Market and author of “PR: A Tool For Success” said that ,” Relationships are a very important part of public relations. Please don’t bore the customer with business , just build a friendship with them. On the occasion, a Book “PR – A Tool For Success” written by Dr. Ajay Kumar Agarwal was launched. The book launch was followed by a discussion on the emerging trends in the Fintech domain.