Many of financial technology start-ups are now more suitably established and adequately mature to become partner with commercial banks for helping them to better deal with their corporate customers, as said an executive from Australian banking group ANZ.
For years, fintech firms remained successful changing some of the ways the traditional banks were operating with, especially in areas like consumer services but now those start-ups have came up performing well into the corporate segment of the banking sector too.
At the time of starting dealing with the fintechs a few years ago, we have to face difficulties finding adequately mature fintechs having proper solutions or alternatives ways for operating in the institutional business and corporate banking which I was the part of, said Sreeram Iyer, chief operating officer for institutional business at ANZ.
But now these fintechs are showing increasing maturity well enough to make them capable of scaling up to collaborate with large banking institutions like ANZ, Iyer said at Innovfest Unbound, a technology event held in Singapore.
In collaborating with the start-ups, banks also have to be adaptive in ways of doing their business, he said, explaining that banks may have to change certain of their current processes like too much use of documents in hard form, as these will not be suitable while working with the start-up firms as they are not only not used to it but also have more efficient as well reliable ways of handling and processing such documents in soft form.
Iyer said that ANZ, in order to make improvements in its businesses, has been collaborating with the fintech start-ups while lot more of opportunities are still there to proceed further using other newer technologies like blockchain and artificial intelligence.
But whether banks around the world go for these newer technologies or not in the near future, currently fintech firms are advancing setting the benchmarks for the financial services industry and Australia is also no exception to that.