Conventional Banking not Affected in Any Case by Fintechs

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Fintechs

To deliver the better banking services, financial technology firms should have collaboration with the conventional banking system, said speakers at an e-banking conference. Also, they have rejected rumors that Fintechs would affect the banking industries normal routine.

Managing director of Diebold Nixdorf, Habib Hanna said that conventional banks are reshaping their business paradigm and now more of digitization is being incorporated.

As it is trending in an industry that conventional banks are closing their physical branches so it’s totally wrong rather they are transforming to digital banking, said Habib he was talking to 16th international e-banking conference organized by Total communications in collaboration with 1Link.

TIO network has been bought by PayPal, a global payment system to physically reach out to its customers. Also, ANT financial leading online payment system in China has also tried to acquire MoneyGram for $1 billion just to expand its physical reach. This implies that not only digital banking is flourishing but also it is trying to reach to its customers by means of its physical presence.

The youngster is the key customers of future of Pakistan banking industry a and as they are reluctant to adopt physical banking and reaching out to the branches then the digital banks should come up with options to meet their needs, said CEO 1Link, Najeeb Agarwalla.

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