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SBI: A fintech banker to every Indian


SBI: A fintech banker to every Indian
May 3, 2021, 11:32 PM IST
The author is Chairman, State Bank of India.
In January this year, Standard & Poor (S&P) in its report ‘Tech Disruption in Retail Banking’ recognised that digital disruption in India poses a relatively low risk to the market position of its top-tier banks. The report added that, State Bank of India (SBI), among other Indian banks are well-placed to deal with tech disruptions, given their dominant market positions and continued investments in technology.
It is the latter part, i.e. sustained investment in technology that has ensured that traditional banks keep pace with the trend and stay relevant in new emerging banking landscape. What is perhaps implicit in the report is that digital disruption will chalk a different trajectory in a market where bank deposits and high level of savings in the form of savings accounts formed a bulk of source of funds. Howeve ....

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TecH, Nigeria's New oil (3): If technology is the new oil, then data is the new power


With the fast pace at which fintech companies are growing in Nigeria, it should be noted that the success of these businesses are largely due to their access to huge data on customers and this drives their innovation, product development, customer relationship management, among others, Oluchi Chibuzor, continues our focus of Nigeria’s emerging tech players which started three weeks ago
“The power of artificial intelligence is so incredible, it will change society in some very deep ways,” billionaire Microsoft co-founder, Bill Gates.
If technology is the new oil, then data is the new power. While fintech is fast-growing in Nigeria, non-fintech brands are also springing up in the media, analytics and Artificial intelligence space in Nigeria. We should note that brands like Google, Facebook, and Twitter are essentially media and analytics companies. ....

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