The world of banking and finance is changing dramatically with technology transforming the way financial service providers interact with their customers as well as the way in which consumers access financial products. Tech is transforming how financial service providers generally interact with customers as well as how consumers access financial products. Today, technology is an enabler of online banking, mobile payments, and platforms which are making monetary transactions effortless.
To enable a more tech oriented world, DCB Bank has initiated an Innovation Carnival to promote the development of financial technology for the bank and its customers. This was done by bringing together start-ups, fintechs, students, developers, corporate, accelerator partners, designers and government to discover new technologies and churn ideas around innovative financial products for the bank. During the carnival the bank meets startups and students and mentors them to co-create products for the bank. The ecosystem carries out innovations in the areas of retail, lending, risk management, trading, investing, personal finance, big data, retail banking, regulatory compliance, mobile payments, security and enterprise social among others.
“The challenge was to create awareness around the fintech wave in the bank as an enabler for banking. Another key requirement was helping the bank bring to market potential business use cases that can aid experimentation with the latest banking trends and technologies,” says Prasanna Lohar, Head, Innovation & Architecture, DCB Bank Ltd.
In 2019, the bank has conducted carnivals in several major cities of India including Delhi, Bhopal, Jaipur, Kochi, Jaipur, Bhopal, Noida, and Mumbai and will continue this journey by taking it to others across the country as well. The bank also conducted UK India Fintech Meetup for 25+ Indian CXOs and 10 UK Based Fintechs in 2019.
According to Lohar, DCB Innovation carnival seeks to revolutionize the way banking and financial services are delivered by leveraging technology. Apart from improving accessibility, the innovation carnival also provides great environment for developers, experts, students, and startups to showcase new solutions in domains like Block chain, Digital Payments, IOT, Artificial Intelligence and Robotic Process Automation.
Given the constantly evolving customer preferences for financial services, banks and financial technology companies are recognizing the growing power of a collaborative ecosystem to support rapid innovation. The Innovation Carnival has helped DCB Bank in bringing together this much needed collaboration to generate a steady funnel of innovative ideas that can be applied within the bank to improve efficiency, enhance accessibility and meet growing customer expectations. Some of the innovations showcased at the carnival are already getting streamlined into the bank, giving it a competitive edge.