It's been a busy week for the fintech sector. Whether it's Santander and Monitise's latest joint venture, a new foray by BT into backing fintech start-ups or the report released by the World Economic Forum, the sector has been making itself heard. CBR spoke to Mindtree's Anshuman Singh, Europe General Manager & Head of Digital Business at Mindtree to get his views on what's shaping the sector.
CBR: What is driving innovation in the banking sector?
A lot of it has been focused on sustaining innovation, which is about looking at delivering existing services cheaper, maybe faster and maybe better. I think there is a need to start looking at it differently. If you look at some of the consumer-facing technology innovation that has happened in the fast, the primary driver for that was to take the cost out of that question.
Whether it was ATM, online banking, the primary driver was cost. Of course it then prompted behaviour changes in the customers, as people stopped walking into branches and were happy doing their transaction on the online platforms of banks.