Mumbai: Axis Bank CEO Amitabh Chaudhry speaks at the ‘Global Fintech Fest’ in Mumbai on Friday, August 30, 2024. (Photo: PTI)
Banks would lose out if they do not collaborate with fintechs as they are creating technologies, products and services that can lead to a better system and make customer interaction much more fruitful and powerful, said Amitabh Chaudhry, MD and CEO, Axis Bank, on Friday at the Global Fintech Fest.
“It would be a loss on our part if we didn’t work with them,” he said, adding that taking some stakes in them (fintechs) can actually result in us collaborating more deeply and more than we normally do in a partnership.
He added that banks also want to be like fintechs in front of customers who want to engage with them in a certain way and in many cases they have realized that they do not have the resources or time to do so and fintechs can help banks achieve this.
He also noted that as customers conduct more digital transactions, banks’ operating costs will decline. He added that the increasing incidence of fraud has made people “worried” when it comes to banking.
Chaudhry also said that very soon the bank will offer a service on its mobile app where customers of other banks will be able to make transactions instead of just being able to view account details as is currently offered. He also said that the bank is running a total of 15 pilot projects on AI and machine learning at present, and one of the areas will be Human Resources, where the technology will help the bank review resumes to facilitate hiring.
First published: August 30, 2024 | 20:02 IS
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