Evolving Partnerships between Fintechs and Banks – A Case Study with Reference to Union Bank of India

Abstract

Background/Purpose: Banks no longer view fintech companies as competitors but rather as enablers. Fintech encompasses the use of digital technology to power new business models based on a large array of innovative ideas to serve customers faster and better. It has introduced new services to match customers’ needs at the lowest cost.

Methodology and Design: This study primarily uses secondary data, where data is gathered from many sources like e-newspaper clippings, RBI publications, websites, and other research articles. The study attempts to examine fintech and banking with reference to the Union Bank of India. 

Findings: The partnering of banks and fintech can harness the recent changes in tech-savvy customer behaviour. The study examines Fintech and Banking partnerships using ABCD analysis. The major challenges are security issues, system slowdown, and lack of trust and banks must address them by enhancing the fintech services' capabilities and increasing the service's utility to meet the demands of all consumer groups.

Originality/Value: This paper examines the integration of Fintech and the Union Bank of India.

Paper Type: Company Analysis Case Study