How can fintech and banks go hand-in-hand and how can technology startups cater to the needs of the end-user customer and an average wage earner?
Talking on the same lines, Federal Bank MD Shyam Srinivasan told Entrepreneur Media that every problem or need the end-consumer has in the financial services space can be solved within the financial solutions space using technology.
Federal Bank is one of the few banks that have a separate corpus of capital to fund Indian startups that focus on fintech and mitigate problems of end-users.
Speaking about the criteria the bank looks prior to funding Srinivasan said, “We are looking at something that helps the banking space and opportunities in the education, healthcare and agriculture space. We have no particular limitation, if we believe in the idea, we are happy to participate either as a vendor or an investor, or both.”
Talking about the various opportunities that exist in the fintech space, Srinivasan said, “Investment needs of individuals across different social strata can be helped by solutions that are suggestive in nature. Today it’s the very high-end consumer that gets advised but an average wage earner doesn’t get such kind of self –service capability. Using data and analytics if you are able to model and give it to them on a device which is hand-held then by which they are able to do it dynamically. There is a large opportunity in this space.”