Leading BFSI & FinTech Companies Come Together At IAMAI to Form the Largest Fintech Group

          Like it or Dislike it, Financial Technology will dominate the Indian Banking Industry in the years to come.

          Going back to the old fashioned, manual ledgers is not feasible or desirable.

          The volumes of Digital Transactions are on the increase, but lots need to be done, to convince the public that the Digital Transactions channel are safe.

          The higher the trust factor, the higher the volumes. In an idealistic situation, the volumes of Digital Transactions should increase due to internal factors only and not due to external factors.  Volumes dependent on  external factors tend to taper down and are not consistent.

To address the ‘TRUST’, factor IAMAI has brought in Leading BFSI & FinTech companies in a group.

Readers can read here about IAMAI.

IAMAI through Payments Council of India has experience of dealing with Digital Payment Industry. Payment Council of India was founded in 2013 with the main purposes of representing the various regulated non-banking payment industry players, to address and help resolve various industry level issues and barriers which require discussion and action.

Through this new Fintech Group , now IAMAI is brining together BFSI and FinTech companies under one umbrella.

The purpose of the group is to encourage collaboration, seek complementarities and build synergy between leading BFSI companies and the emerging Fintech start-ups.

The group comprises of 60 members from leading banks and technology start-ups including SBI, HDFC, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, BankBazaar, PolicyBazaar, i-Lend, Faircent, LendingKart, PNB Metlife, ClearTax, CoverFox, Scripbox, Indifi Technologies, Capital Float, Bill Desk, Itz Cash, PayPal, Chillar, Avenues India, MSwipe, among others.

Mrutyunjay Mahapatra,  Managing Director & CIO – State Bank of India, said: “The mandate of the group is to reach out to the last person and bring him into the structure of the entire financial system and create trust and safety, by leveraging technology.” This group represents the following segments - Credit, Payments, P2P Lending, Personal Finance and Technology.

On the need for such a group, Adhil Shetty, CEO – BankBazaar.com, said: "IAMAI Fintech Committee is a unique and important coming together of leading Financial Institutions, innovative FinTech Companies, Information Security Companies, and leading policy organisations. Thanks to IAMAI, all these organisations are collaborating to usher in secure digital financial services. The FinTech Committee will engage with all stakeholders on cashless and paperless financial services, information security and privacy standards, and create awareness of the benefits and security in paperless and cashless digital finance."

Commenting on the formation of the group, Dr Subho Ray, President, IAMAI, said: “Technology is moving fast and principle service providers such as banks and insurance companies need to work together to rapidly reach out and cover the last person and therefore bring efficiency in the system.”

In the next couple of months, the following rollouts will enable the Group to focus on attracting a new set of customers into the Digital Transactions ambit.

Roll-out 01::: Finalisation of the Group Name

Roll-out 02::: A dedicated website

Roll-out 03::: Formation of sub-committees for effective delivery

Roll-out 04::: Conducting Bi-yearly competitions to attract new ideas

Roll-out 05::: Launch of yearly awards amongst various sub-categories

Roll-out 06::: Hold interactive seminars across the nation to increase the trust factor in Digital Transactions

Roll-out 07::: Live data of Digital Transactions on the group’s website i.e eTaal