The whatsapp moment of financial services has arrived - with Shailendra Abhayankar

 At Lean2Lead 2020 started with Blockchain and Quantum Computing and we could end this year with Fintech session. With pandemic disrupting our lives and accelerating the speed of disruption – there couldn’t be any better session than this. While I say so, I would not be lying if I say, there could not be any better speaker than Shailendra to deliver the same.

He made the entire experience so simple and yet covered the complexities of financial services evolution and journey in a short one hour. The session began by discussing Amazon vs Walmart or Fintech Vs Investment banks. Digital currencies like bitcoin and libra – we learned the how the digital currency in the world is taking shape.

While retail was ahead of curve with digital transformation, large financial houses had complexity of processes and compliances that kept the digital transformation to minimum survival level. Smart banking got missing, statements remain transactions and banks started barely reimagining what can be done with the money in the bank. Last decade has been practically lost on financial services industry. Fintech now in in giving tough time to the traditional financial services industry. What could be Bank4.0 – experiential banking to behvioural banking, customized segmentation with AI, accessible, convenience and value-added services, Banking anywhere anytime to bank as a platform. Banks will be sum of utility and trust with built in quality and latest tech innovation while being nimble and agile. Innovation with first principals thinking is the paradigm shift from the mobile disruption.  

How the future of Fintech and FSI is collaboration. While Fintech advantage lies in technology and lack of branch network. Collaborating with banks, it brings the trust and agility to think ahead!

Shailendra explained to us how Fintech differentiates – challenging blended risk pool of offerings and of customers. Banks work on blended risk pool of predictive model, while start ups are taking the cream customers and charging less, leaving banks with negative customers. Giving examples like SOFI ( students loan ) for HENRY ( High earning not rich yet ) at much lower rate shifted the customer for life time. HealthIQ gives insurance at lower rate if you run a mile in 10min. integrating health lifestyle into insurance rewards for those who are taking responsibility of their health.

Discussions were endless and examples were endless, we went on discussing how banks are socialist in giving the interest rates to customer while their own money is invested in capitalist way. While bank the unbanked were the key targets for banks, fintech has quickly taken a big pie out of the unbanked and underbanked. While lending is thriving, shadow banking and peer to peer lending platforms like ZOPA are emerging, micro lending and micro insurance have started to take the market share. Future is being smart, nimble and agile. How will large bank survive this paradigm shift this time will tell.

While the session was for one hour we realized we unpacked the bundle of knowledge in our speed learning micro modules. We were stargazing towards the future - with fintech, of fintech, for fintech. With embedded banking in overall experience it will morph into true utility. Your smart glasses or phone will tell you if you have or do not have the money to buy the great new thing that you are setting your intention on. 5G will push the real time envelop, identity will morph into biometric, quantum computing on cloud will secure the bank, every one will have bank everywhere but no where. Voice embedded AI ML is the future, and we were short of time. Yet again with a promise to meet again post Covid in our in person session – or will we? May be will morph into micro learning anywhere, everywhere and nowhere … time till only tell. With that Lean2Lead signs off 2020.