According to Srinivasan, the rise of fintech has brought about transformative changes in the financial industry, prompting banks to adapt and evolve. He highlights the innovative solutions and enhanced customer experiences that fintech firms have introduced, forcing banks to reconsider and improve their own services.
Srinivasan’s stance goes against the notion of fintech companies being adversaries to traditional banks. He suggests that the two can coexist harmoniously, each bringing their unique strengths to the table. Fintech companies often excel in agility, innovation, and customer-centric approaches, while banks possess established infrastructures, regulatory knowledge, and a wide range of financial products.
The CEO acknowledges that collaboration between banks and fintech firms can lead to a win-win situation. Banks can leverage fintech’s technological advancements to streamline processes, enhance efficiency, and create more tailored offerings. At the same time, fintech companies can benefit from banks’ extensive customer bases, regulatory expertise, and credibility.
Srinivasan’s perspective comes at a time when the financial landscape is rapidly evolving, with technology playing a pivotal role. Rather than viewing fintech as a threat, he envisions a landscape where banks and fintech firms collaborate to meet the ever-changing demands of customers and the industry as a whole. This cooperative approach, as espoused by Srinivasan, has the potential to shape a more dynamic and inclusive financial ecosystem.