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Fintechs threaten another banking bastion

The Google Pay-Equitas tie-up could disrupt the deposits market. Banks could see market shares in deposits dip and cost of funds increase 

August 31, 2021 / 12:07 PM IST
Fintechs threaten another banking bastion

COVID-19 has accelerated digitisation in many walks of life, including banking. In 2020-21, private banks sourced 70-90 percent of fixed deposits and opened at least 70 percent of new savings accounts through the digital channel, according to the Boston Consulting Group. Many have done this either through their proprietary digital platforms or through partnerships with fintech companies or so-called neo banks, digital-only lenders which offer the entire range of banking services. But the inexorable march of technology means that traditional...

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