Fintech-bank collaboration yields smarter outcomes, says RBI's Kanungo

According to him, the marriage between Fintech and banking also has its attendant challenges

Reserve Bank of India (RBI) deputy governor B P Kanungo on Friday said fintech companies need to collaborate with banks for better service outcomes for the customers.

"Fintechs are playing a vital role in the emerging areas of payment and settlement systems... ( However,) can they exist in isolation? The answer is 'No'. Collaboration by banks and Fintechs will yield smart outcomes and smart banks will find smarter ways for better use of Fintechs to serve smarter customers who are now demanding better, easy to use services," Kanunga said in an address read out by RBI executive director Ganesh Kumar