We're witnessing the creative destruction of financial
services, rearranging itself around the consumer. Whoever does this
in the most relevant, exciting way using data and digital,
wins!
–
Arvind Sankaran
Do you recall the last time you spoke to your bank? I
can't.
I think it's because there is little to differentiate one
bank's services from another. They offer the same services (at
similar prices) through the same cookie cutter (and often glitchy)
apps. Which is why they are being relegated to a behind-the-scene
role for delivery of digital financial products (like lending and
payments). Banking services are increasingly becoming commoditized.
Fintechs, on the other hand, offer bespoke user experiences. They
speak to you, in your language. They customise banking services and
products. Like Fampay, which offers payment
solutions specifically for teenagers. Which is why regulators are
keen to give fintechs room to grow. Like this month, RBI allowed
fintechs to
