How are banks responding to the threat of FinTech and other third party players?
Banks that fail to keep pace with market leaders in digital payments will lose share to nonbanks – and this will have a ripple effect on the rest of the business, since payments often serve as the primary relationship gateway between banks and customers. The trend is not limited to just payments, but is rapidly expanding to lending and other financial products as well. The shift is already hurting banks in India, China and South East Asia, which are rapidly losing ground to leading FinTech or TechFins.
In this discussion, the panellists will talk about what banks can do to combat this threat, and to keep pace with digital giants in order to protect and grow their payments and retail banking franchises.
James Lloyd, Asia-Pacific FinTech Leader, EY
Prateek Roongta, Partner & MD, Boston Consulting Group