Banks, fintechs must collaborate to improve financial inclusion: Experts

Experts agreed that banks cannot avoid disruption but can leverage reach, technology and economies of scale of new-age players

Traditional players like banks and the new-age disrupters will both compete and collaborate as the Indian banking system matures, said technology experts at the Business Standard Annual Banking Forum 2018.

B Madhivanan, Chief Tech-nology & Digital Officer, ICICI Bank  said that they keep a close eye on new players. “If they plan to eat our lunch, we will play it in a different way, but if they decide to expand the plate, we are happy to play along and do what both of us do best,” he said.

Experts on the panel stressed on the importance of collaboration to improve financial inclusion