{"id":1622,"date":"2020-06-15T23:40:05","date_gmt":"2020-06-15T18:10:05","guid":{"rendered":"https:\/\/rzplearn.com\/?p=1622"},"modified":"2024-12-17T06:22:01","modified_gmt":"2024-12-17T00:52:01","slug":"banks-fintech-challenges","status":"publish","type":"post","link":"https:\/\/razorpay.com\/learn\/business-banking\/banks-fintech-challenges\/","title":{"rendered":"Challenges for Banks and Fintech to Work Together"},"content":{"rendered":"

Remarkable isn\u2019t it, how fintech has reconstructed payments and financial services, changing how payments work?<\/span><\/p>\r\n

UPI has become one of the most preferred payment modes for both P2P and P2M transactions, kicking most other payment modes to the curb. Online commerce has become a child\u2019s play because of payments solution companies and their products.\u00a0<\/span> Accepting payments from any part of the globe has become accessible.\u00a0<\/span><\/p>\r\n

What more?<\/strong><\/em><\/p>\r\n

Money lending is growing phenomenally that we don\u2019t even wait for our salaries to make a big purchase anymore. Incredible reward systems have emerged in the payments realm, making credits all the more appealing to every Indian consumer.\u00a0<\/span><\/p>\r\n

Neobanking is taking over the financial services sector, offering customers more than they ever imagined.\u00a0<\/span><\/p>\r\n

And, while all of this is going on, what\u2019s really happening to banks? Are banks finally growing out of their shell to realize the contention? Are they able to cope with the towering change that fintech has given birth to?\u00a0<\/span> Are they intimidated by the change, or are they able to see the contingent collusion with fintech to empower themselves?<\/span><\/p>\r\n

So many questions.\u00a0<\/span><\/i><\/p>\r\n

These are some critical questions. They most definitely need to be answered.\u00a0<\/span> Surely, we\u2019ve seen prominent banks stepping up to the exigency of the situation. These banks have joined hands with some of the most disruptive fintech companies out there.\u00a0<\/span><\/p>\r\n

Now, the next question is, <\/span>why aren\u2019t all banks doing so?<\/span><\/i> If you\u2019re thinking along these lines, let\u2019s break it to you. It\u2019s not easy. <\/span><\/p>\r\n

Collaboration means change. Collaboration means dispute. And, more than anything, collaboration means challenges.<\/span> Let\u2019s talk about the collaboration of banks and fintech, and try to interpret what these challenges are and how they affect the overall financial system.<\/span><\/p>\r\n

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Table of Contents<\/p>\n