October 20188 BY PETER CLARK, REGIONAL CIO, STANDARD CHARTERED BANK TECHNOLOGY AND OPERATIONS, HONG KONGMOVING TOWARDS BANKING AND FINTECH PARTNERSHIPCould you provide us your perspective on the evolution of Fintech landscape over the years?The evolution has been very rapid in the Fintech landscape over the past couple of years, particularly in some countries. The countries that impress me the most in terms of the speed of evolution are China and India. These countries are quite open to new ideas and trends, and they have tech-savvy customers. Be it big data, artificial intelligence (AI) or blockchain; these technological evolutions are underpinning a lot of these countries' market offerings. They are facilitating the rise of new kind of customer propositions. I am seeing regulators who are very open to leverage these technologies to enhance the customer experience in the net banking area. Today for most of the banks, net banking is a core part of their customer service strategy. Net banking is the cornerstone of excellent customer service today, and all banking functionalities are enabling and integrating it in ways that make the customer experience insightful, fun and simple.Also, there are a lot of banking organizations that are looking to innovate, trying new things but most of them can't always innovate from within, but they need to look out. We do partner with FinTech companies to develop new solutions for our customers.Briefly discuss the challenges that businesses face while implementing Fintech solutions. One challenge for a lot of banks is that they have a business to run and a lot of existing customers to support effectively and efficiently. They have got regulators that are constantly supervising them. But we also want to innovate and the first challenge there is to identify the best Fintech company to partner with because there are so many companies out there and for banks to work with such companies is not easy as the risk that they face is very high. So to find out the right one, we work with some Fintech associations that have connections to hundreds or thousands of Fintech companies. The associations help us in the process; they look up at thousands of companies and then find the best ten to work with. The partnership between banks and Fintech companies brings great advantage for banks as the solutions are often built around business model development, innovation, and revenue generation.Peter ClarkIN MY V EW
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