There is a massive emergence of fintech firms that will disrupt the banking industry, but they have to partner with big enterprises to get customers, speakers said at a seminar organised by the Institute of Chartered Accountants of India (ICAI) - Dubai Chapter on Saturday.
Jayesh Patel, head of Liv. Digital Bank from Emirates NBD, said digital banks are emerging across the globe in major markets such as India, the US and the UAE.
"There is a massive emergence of new fintech and platforms that are going to disrupt our industry. There are quite a number of digital banks working in different markets. Many firms struggle to launch a digital solution, largely deciding of 'what' they will do. Instead, they should focus on 'why' they are going digital," said Patel.
"Fintechs want all the customers but that is not going to happen because they have to partner with big corporate to get customers," Patel said while addressing the "Fintech and Blockchain - unblocking fences" seminar.
Abe Karar, founder and chief executive officer of Alchemy Digital Solutions, said the footprint of bank branches will go down but they will not disappear at all due to the emergence of digital banks.
"Even if you go digital, you still need a physical presence in one form or the other," he said in reply to a question at the seminar.
Mishal Almarzouqi, an engineer, entrepreneur and innovator, was the chief guest. Anand Prakash Jangid, managing partner of Anand Jangid & Associates, and Arti Sogani, practice head for digital transformation at Finesse, gave presentations on blockchain technology.
Mahmood Bangara, president of ICAI - Dubai chapter, said fintech is an evolving financial industry that applies technology to improve financial activities.
"Fintech applications will also be built on blockchain technology and it uses the Internet, smartphones and any other software dimensions. It facilitates ease in transactions and the world is emerging that the banking and financial process moves around fintech from a basic application of making transactions, issuing instructions," he pointed out.
"Fintech grows for several processes including decision by applying the relevant AI and robotics processes. Since everyone will be doing banking or financial services, surely fintech will also become relevant to every individual," Bangara said while giving an opening speech at the seminar.
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