Gaining Regulatory Comfort For Disruptive Innovations

BFSI experts speaks about the regulatory comfort and restrictions in digital innovations at Finnoviti 2019:

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Prasanna Lohar, Head, InnovationsTechnical & Digital Architect, DCB Bank

India ranked 57 in the innovations index out of 140 countries. Two years ago, India’s rank was 63 and China’s 45.

The collaboration of banks and fintech had started 3 years ago in India and the government is a major pillar in this collaboration. We are No 2 in the fintech population in the world; in terms of quality we are ranked 28. Israel and Singapore are ranked among top 5 countries in fintech innovation. Fintech innovation happens in vertical and not in horizontal manner. We have different platforms and we regularly organize hackathons for fintechs and we receive many entries. We do not rely on fintechs for our core operations; we collaborate with them for satellite and tertiary applications for example, onboarding customers and subsequent engagement with them. Some of the changes in regulation are not helping innovation.

There should be right kind of mandatory fintech courses introduced by the government, as we need to become No 1 country in terms of innovations. It is good time for millennials to get in to next level of work and the millennials are more attracted to fintechs and technology jobs compared to the traditional jobs.