Mumbai: Axis Bank CEO Amitabh Chaudhry speaks at the ‘Global Fintech Fest’, in Mumbai, Friday, Aug. 30, 2024. (Photo: PTI)
Banks would be losing out if they do not collaborate with fintechs, as they are coming up with technologies, products, and services that can lead to a better system and make interaction with the customer much more fruitful and powerful, said Amitabh Chaudhry, MD & CEO, Axis Bank, on Friday at the Global Fintech Fest.
“It would be a loss on our side if we were not working with them,” he said, adding that taking some stakes in them (fintech) can actually result in us collaborating deeper and more than what we do typically in a partnership.
He added that banks also want to look like fintechs in front of the customers who want to engage with them in a certain way, and in many cases, they have realized that they don’t have the resources or the time to do that and fintechs can help the banks get there.
Meanwhile, he highlighted that as customers transact more digitally, the banks’ operating costs will come down. He also added that the rising incidence of frauds has made people “worried” about undertaking banking transactions.
Chaudhry also said very soon the bank will offer a service on its mobile app where customers of other banks will be able to undertake transactions rather than just being able to view the account details as is offered today. He also said that the bank is running a total of 15 pilots on artificial intelligence and machine learning at present, and one of the areas will be in Human Resources, where technology will help the bank go through resumes to make hiring easier.
First Published: Aug 30 2024 | 8:02 PM IST
