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Banking beyond 2020: Fintechs to spearhead innovation

Innovation sandbox allows technology-led companies to access user and banking-related data that used to be heavily restricted.

December 04, 2019 / 06:12 PM IST

The Indian economy is perhaps on the brink of a slowdown. At the same time, the RBI and its authorities are under scrutiny for the perceived lack of banking control. Result - the Indian banker is losing sleep over both slow growth and heightened risk.

In such a scenario, Jaya Vaidhyanathan, CEO of BCT Digital and a banking sector expert, says that the regulator needs to walk a tight rope. It needs to ensure that businesses have an enabling environment to succeed, even as fraud is detected and prevented. This requires fine-grained view of credit risk, which in turn, can be achieved through analytical modelling, custom-built to the Indian context.

Talking to Moneycontrol, Vaidyanathan gives more insights into RBI’s Innovation Sandbox and how it will facilitate the much needed room for innovation.

Edited excerpts: