Page 44 - Banking Finance October 2020

ARTICLE

FIN TECH FIRMS

A DISRUPTOR

OR PARTNER TO

BANKS

Introduction house teams aimed at improving the digital financial
infrastructure. Some of the initiatives include:
The initial offering in this segment came in the year 2005
with the introduction of BC (Banking Correspondent) model Y Union Bank of India launched the *99# mobile application
to increase penetration to unbanked areas. FinoPayTech and in partnership with NPCI that allows basic services like
Eko India were the major start-ups that took advantage of balance inquiry, fund transfers and mini statements to
this opportunity and built their services around the BC its customers even when there is no internet
model. The year 2010 saw the slow emergence of fin tech Y Axis Bank presented the 'Invoice to Payment' feature
companies in a heavily regulated market, but with lots of that provide end-to-end digital invoicing and payment
restrictions in financial sector the way forward for such solutions
companies was sceptical. In the year 2015 the Indian Fin Y ICICI bank launched a contactless mobile payment
tech sector, saw a spike in the emergence of numerous Fin system which could enhance NFC payments in India
tech start-ups, incubators and investments.
Y DBS introduced the first mobile bank that allows
customers to open accounts digitally with their ID
Banks have also launched solutions with the help of their in-
proofs.
About the author Building a robust Fin tech ecosystem where start-up firms
engage in external partnerships with financial institutions,
universities and research institutions, technology experts
Gijo Verghese
Senior Manager(Faculty) and government agencies is expected to be a key enabler
Union Bank of India for growth and innovation in the Fin tech sector. With the
new initiatives taken up by government such as financial
inclusion and promoting cash less economy a lot of scope

44 | 2020 | OCTOBER | BANKING FINANCE