Digital Banking and FinTech

11th August 2019: SSBF had the pleasure of hosting Mr. Shekhar Lele, Principal Consultant,
Payments and FinTech, PwC, for an interactive session on FinTech & Payments Industry.
Mr. Lele gave an outlook of where technology and financial services meet in the fast growing
FinTech sector. Cutting through the jargon, he gave a high-level explanation of some of the key
technologies, from Machine Learning and Artificial Intelligence to RegTech, and peer-to-peer
lending, and give examples of how they are transforming the world of financial services.

Mr. Lele began the session by explaining the rationale behind why banks are looking towards
partnering with FinTech companies. In order to remain relevant, banks must partner with
FinTech Companies that can leverage the hordes of legacy data that banks have, to gain deep
insights into customer behaviour and come up with offerings that are personalised and
customised.

Furthermore, Mr. Lele said that there has been a massive transition from a product-centric to
a service-centric perspective, thanks to FinTech. The scope of these services encompasses a
broad range, from Machine Learning algorithms for credit assessment, to enabling interoperable
payments for transportation pan-India- through National Common Mobility Cards; and from
automation of regulatory reporting, to the use of Data Analytics to get early warning indicators
for banking liquidity risk.

The session ended with an interactive Q&A session where the students asked questions about the
changes needed in traditional banking system, and which sectors are offering great job
opportunities in FinTech for Generation Z.