Fintech Start-ups to Promote Financial Innovations in Banking Sector: Ken Research REQUEST FOR SAMPLE REPORT Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit Indian banking is the lifeline of the nation and its people. Banking has helped in developing the vital sectors of the economy. The sector has translated the hopes and aspirations of millions of people into reality. But to do so, it has had to pass miles and miles of difficult terrain. Today, Indian banks can confidently compete with modern banks of the world. In Indian banking system cooperative bank work side by side with the commercial bank to provide loan to needy especially for agriculture and agriculture based operations along with small scale industries and self-employment driven opportunities. Since past 5-6 years Global Banking System has witnessed tremendous change with customers becoming more demanding and tech savvy. Nowadays customers tend to be happier if transfer of their money is done invisibly and conveniently. But traditional banks could not fully meet this customer expectation, which led to decline in mobile banking satisfaction in 2015.Here comes the role of Fintech firms which are growing in large numbers and have stolen one of the most profitable segments of banks. A Goldman Sachs report estimated the severity of this leakage, with $4.7 trillion in annual bank revenue and $470 billion in profit at risk of being displaced by fintech firms. These leaks would restrict bank in retail banking only which is least profitable section. To fight this bank is left with two options only; one is to develop their own high end tech solution like Capital One developed Digital Lab. Second option would be going with Fintech firms i.e. developing partnership with them. Big banks will continue to use their large cash hordes and low cost of capital to pay a premium to acquire and leverage fintech solutions and exploit the banks’ brands, marketing know-how and distribution capabilities to package and deliver the solutions to ready customers. For example Ally Financial bought online brokerage TradeKing Group, the firm announced earlier this month, in a $275 million deal. BlackRock also decided to tap into fintech, last August, with the $150 million acquisition of online investment firm FutureAdvisor. On similar lines in India, SBI, the largest public sector bank and one of the fortune 500 companies has signed a MOU with Society of Innovation and Entrepreneurship (SINE) IIT Bombay to promote innovation by start-ups in financial sector. SBI has commenced a strategic initiative to promote Innovation by engaging with Start-ups in Fintech area, through funding, procurement and co-innovation under a special window. Society of Innovation and Entrepreneurship (SINE) with SBI would provide opportunities for commercial exploitation of new age digital concepts, products and services. Another notable step taken by SBI in this direction was tie up with Snapdeal (one of the largest online retail) and PayPal (payment Solution Company). Apart from this it also signed MOU with Amazon to develop payment solution for customers and sellers. These all steps clearly depict bank’s eagerness to bring in financial technology in their system so as to cater customer needs more effectively. This digital revolution in banking sector has not uprooted the traditional banks for sure as these Fintech firms cannot cover those infrastructural cost incurred for setting up things , but yes these have forced banks to upgrade their technology so as to serve customers effectively. To know more on coverage, click on the link below: https://www.kenresearch.com/tag/banking-financial-services-and-insurance/payments/178.html Related Reports: https://www.kenresearch.com/tag/banking-financial-services-and-insurance/remittance/177.html Contact: Ken Research Ankur Gupta, Head Marketing & Communications query@kenresearch.com +91-124-4230204 Tags: Global Insurance Market Report, Health Insurance Industry Development, HNWI Wealth Reports, Life Insurance Premium Written Report, Reinsurance Market Forecasts