Year 2017-FINTECH Collaboration Kick-start Year  


FintechDuring the start of 2017, we understood that “Competition is going to increase dramatically in the next one year on account of new payments banks, small finance banks being set up and also on account of existing banks increasing their expansion. So, we need to be prepared for it”.

Let’s look at 2017, the year of ‘Transformation’ in financial services.”  In 2017 there was more collaboration between Banks & FinTech (financial service startups). In this journey of collaboration Fintech, Accelerator, Investors, Corporate, Government and Banks has collaborated for innovation churning.

As we understand that the Future of banking will involve the combination of homegrown and third-party digital products, providing personalized solutions available on demand. Banks expanding digital transformation journey & by understanding their core strengths and weaknesses, banks need to look for FinTech startups that can fill the gaps they are not able to fill themselves.

Collaboration is key to deliver easier-to-use propositions to end-customers. Fintech & Banking collaboration is the beginning of a massive change in the way, consumers and businesses deal with Finance. The consumer is embracing this unity on a greater and greater scale.

In 2017 Banks have been working on 3 important aspects of Digital Transformation – People, Process & Technology with an aim of outcome in –

  • Business Excellence,
  • Engineering Excellence,
  • Operations Excellence
  • Customer Excellence


In India, Fintech startups have brought great disruptions to traditional banking, mainly in the areas of payments & personal financial advice.  During 2017, The Rise of Fintech has opened up a world of possibilities e.g. API Banking, P2P Marketplace, Lending, Blockchain based Banking, Artificial Intelligence Adoption, Aadhaar enabled Services, UPI based Payment Usecases etc. We understand that it’s a huge opportunity for businesses & soon no enterprise will succeed and flourish without the right FinTech services in place.

  • FinTech is Agile; the biggest investment for these tech companies isn’t technology anymore. It’s talent. & Agility is the key.
  • Fintech is Innovative & has made it easier to do business and lower costs.
  • Fintech will improve our business and help us stay at the forefront of our market.
  • Fintech showcase a world of possibilities through adequate technologies & craft Unique Customer Experience.


To remain competitive and relevant, banks have to constantly innovate & capitalise on key trends to develop new growth areas that bring in commercial value.

It’s very important to explore solutions that can help our customers including SMEs. It will help us to automate, and innovate productivity improvement, and ultimately, transform to sustain their businesses for the long term.

Leveraging Innovative digital technologies for new opportunities is the key to successes.  Digital technologies such as Mobility, Cloud Computing, Robotics, and Data analytics, Big Data, Blockchain and Internet-of-Things (IoT) will form the base of technologies that Bank can leverage to remain competitive regionally and globally. In some instances, they may even be disruptive and a complete game-changer to shake up whole industries or create new ones.

In 2017 Banks have evolved more Mobility & Digital to provide a seamless Ecosystem to Customer. It was possible thru collaboration with Start-up/ FinTech / Institutes Or creating similar Environment within the bank.

Innovation with Fintech has helped in blurring lines between traditional products (retail, payments & insurance in particular), and the acceleration of the convergence of technologies including improved Customer Experience, Automation, Security.

In 2017, Banks have targeted below areas to practice Innovation –

  • Architecture to innovate: Challenges around quick interfacing between systems through API Banking.
  • Operations Overheads: Improvement areas in Operations and Cost optimisation through Robotic Process Automation
  • Skillset Availability: Creation of skillset around new technologies was always main Agenda in 2017
  • Traditional Banking: Banking Services on limited channels for Customers, It’s very important to provide Banking services through many other non-Banking Channels
  • Fintech Experimentations: Challenges around quick partnering with external partners. Availability of API Management interfacing for third-party partnering
  • Agility in Solution: Availability of quick solutions for payments & other Banking Services
  • Remove Barriers of digital transformation like lack of skills, lack of technology, lack of adoption
  • Innovative Culture building for of business Team to drive innovation or digital transformation
  • Digital banking Enhance of channels to drive digital services e.g. Customer Onboarding, customer serving, customer engagement, custom education


The increasing consumer demands for digital banking solutions mean that there is a great opportunity for FinTech startups and banks to collaborate and leverage each other’s strengths. In this journey, FinTech will always be revolving around Bank towards guidance, integration, compliance expectations from bank to meet Bank’s business Goals.

DCB Bank has started this journey 3 Years back and DCB Bank is aligned with multiple FinTech in Payment, Lending Area.  DCB bank is closely working with Start-up/ FinTech / Institutes.

In 2017, DCB Bank has started a unique initiative – “DCB Bank Innovation Carnival” initiative to promote the development of financial technology for DCB Bank and its customers with help of Fintech. It has brought DCB Bank look forward vision for innovations in various fields Lending, Risk management, Trading, Investing, Personal finance, Big-Data, Retail banking, Regulatory compliance, Mobile payments, Security and Enterprise social.

 “DCB Bank Innovation Carnival” – It has brought together participants like Start-up/FinTech ventures, Institutes, developers, and designers to develop financial products and discover new technologies for DCB Bank.

As a part of   “DCB Bank Innovation Carnival”, Bank has planned to conduct Nationwide Innovation Hackathons in 6 Cities Viz. Delhi, Mumbai, Ahmedabad, Bangalore, Pune & Hyderabad.  So far Bank has conducted 5 Hackathons which is something Unique in the banking industry.

Main achievements through Innovation Carnival

  • 1st Bank in INDIA: DCB BANK – First Bank to conduct National Hackathon in 6 Cities
  • Digital Culture Building at DCB bank – This program touches on all entities in the organisation
  • Corporate Partnering & Training – Model to train participants e.g. by IBM, Redhat, NPCI etc Corporate conducted Sessions
  • Established Mentorship Collaboration with 60+ Fintech Mentors in various areas added value to boost true evaluation
  • 18 Innovation Themes: It keeps motivated internal team thru idea generation for 18 Themes
  • Both Virtual & 6 Physical hackathons: It keeps touch with external parties thru Hackathon, Summit
  • Meeting Bank’s Strategy Goals: It’s helping to execute the strategy for our Bank and to grow bank
  • Unique India Collaboration: Building Innovation Community among Government, Accelerators, Institutes, Corporate, Banks


In 2018, Innovation Carnival Journey Continues to reach out to Innovators in FinTech domain and explore a possibility to collaborate and grow.

  • Open Innovation Platform: Innovate with Employees & FinTech Enhancement of DCB Brand in Fintech Space.
  • Innovation Ecosystem: Start-ups, Fintech, Students, Corporate, Accelerators, Partners, Government to nurture Innovation.  
  • Events for Awareness of Fintech : wave in our Bank as enabler for Banking
  • Invite Fintech : To churn Ideas & Innovative Solutions from pool of startups & institutes with similar interests
  • To Experiment with APIs : latest Banking Trends , Technologies & its adoption with in Banking Sector
  • New Business Models : It has helped in bringing out potential business use cases  to implement for DCB Bank’s growth
  • Talent Hunt: It has brought a pool of potential champions from Institutes to incubate them or hire them.

In 2018, Innovation Carnival Journey Continues with Collaboration to deliver easier-to-use propositions to end-customers. Fintech & Banking collaboration is the beginning of a massive change in the way, consumers and businesses deal with Finance. Consumer is embracing this unity on a greater and greater scale.

India will get momentum to bring on its Innovation Index Higher with Fintech Collaboration.

(The writer is Prasanna Lohar | Head -Innovation and Architecture | DCB Bank)



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