Page 84 - ICE BUSINESS TIMES December 2019

Fintech

Fintech & You have worked with How can we accelerate

online or digital
globally renowned banks like
transactions as opposed to
Standard Chartered and
The Future Deutsche Bank. Do you think cash or ‘under the mattress’
transactions?
that Fintech firms challenge,
compliment or work under
People keep cash under the
traditional banking in the
mattress, not because of security,
age of continuous change?
most secure way of keeping their
For fintechs and traditional but (according to them) this is their
Maimun Mustafa talks to Sanjoy financial institutes to co-exist, an money. There is usually no
Datta on understanding the environment can be built where alternative to keeping money
paradigm shift in technologies Sanjoy Datta both grow and thrive. A fintech has securely as also having easy access
for tomorrow’s best business Partner & Leader, Financial Services no legacy or baggage but it also has when one requires it. Solve the
problem of not paying in cash by a
practices Deloitte Touche Tomatsu India LLP very little customers or formal mechanism (a digital wallet
infrastructure. So they require
substantial capital, experience, or a bank account), and ensure
Under the 4th Industrial customers to build a scalable, that this process is acceptable to
all members of the eco-system. For
Revolution shift there sustainable business model and example, why can't people who do
will be mass losses of also require to stay relevant before not have access to banks in their
jobs in some traditional another fintech comes along and neighborhood deposit cash at a
sectors but areas of provides a better solution. The pre-designated shop and get a
opportunity in new operating model of traditional
You have worked with sources of employment. institutions is similarly not geared receipt instantly from the bank, say
Bangladesh for 5 years How do you think ‘can-do’ and ‘will-do’ attitude. They for this rapid pace of change in on their phone?
representing Deloitte. traditional financial and embrace technology and leverage it customer requirements and
What was the biggest non-bank financial to the maximum to achieve set increasing competition in a crowded What technologies are
motivation for Deloitte institutions can offer goals. The older, more experienced marketplace. feasible as ‘here-and-now’
to come to Bangladesh new career paths under generation brings in deep domain Collaboration/partnership/alliance ones for Bangladesh?
and as such, be a the evolving Fintech knowledge and practical experience between traditional financial The great thing about Bangladesh
partner of the paradigm in this and the marriage of the two takes services companies and fintechs is its telecommunications
Bangladesh Fintech context? full advantage of the market would enable financial institutions connectivity. What never ceases to
Summit? situation. to continue to grow together with amaze me is that whenever I arrive
Deloitte is the world’s largest We keep worrying about the What are the new skills we their partner fintechs and serve in your country everyone's phone
their customers effectively.
professional services firm. We job losses but have will need in the Age of starts ringing and everyone is
are present in the subcontinent organizations in developing Fintech? How do banks, fintechs and talking. Even the Immigration
and have remained fairly countries experienced the other companies thrive in an officer asks me for my Bangladesh
interested in Bangladesh for a quantum of losses that have There are 3 key skills. First, is a environment where all mobile number? Imagine if that is
very long time. We have been projected. There is a deep understanding of customer service providers are vying the prevalence of connectivity and
worked with many leading reason for that. The requirements and experiences, as for that 10 Taka BDT? smartphones are becoming readily
organizations, not only in complexity of transactions, well as being able to adapt quickly available, barriers to the
financial services and in areas volumes, and types of to changing customer tastes and There is no one answer to that adaptability of new technologies
involving business strategy, transactions has increased. As preferences. Second, from an problem. However, I will go back to are also lessening with a greater
innovation, pure operational such, we have to provide operational perspective, how to gear keeping it simple. Electronic proportion of the population
improvement, customer personalized experiences operations to cater to the first issue coupons and payment systems willing to adopt new
insights, leadership across to customers so we of changing customer needs and where cash is not required but technologies/apps to simplify their
development and cultural need to marry the old (brick requirements. Additionally how to instead use the mobile phone to lives. If we focus on reducing the
change. Technology and and mortar businesses) and remain efficient and how can we effect payments. Using marketing cost of ownership, i.e. increase
digital are new words to those new (technology-based) bring products to market that budgets (in coupons) for targeted affordability combined with ease of
who have been in the companies. This is a customers will want. Finally, all sales is another great option. use of operations I do not think
workforce for some time but transitional phase, where we companies work in a regulatory However, the real question is, can you require a technological
not for those who have just are trying to understand what framework so we must ask we shorten the time between revolution to sort out any problems
entered the workforce. Deloitte customers want, what will ourselves how we can conform to impulse (decision) and gratification for the country going forward.
works with organizations to they want and cater to these changing regulatory frameworks (making customers happy)? People adapt well if we keep things
leverage both technology and wants. and still remain competitive. Youths Incentives for digital payments and simple. Nevertheless, if I were to be
experience, and leverage the There are many things that the can focus on these areas because disincentives for cash can lower specific for technology,
combined power for younger generation bring, these are issues that will remain inventory and optimize the supply cybersecurity should be a top
organizational growth. chief amongst which is a relevant for some time. chain (through e-commerce). priority at the moment.

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