Financial Services innovation initiative launched to connect Indian FinTech solutions with global financial institutions’ needs

New Delhi: DTTILLP has launched an initiative for innovation in Financial Services, targeted at the banking and insurance space. The initiative invites submissions followed with a prototype or demo of proposed solutions (for select participants) that Indian FinTechs gauge as being relevant to global FIs, as they equip themselves for business in the next normal.

“Global FIs engage mostly with local/ regional FinTechs. This initiative intends to create awareness with regard to quality and expertise of mature Indian FinTechs among global FIs, and thereby increase the reach that these organisations have to the global market,” says Neeraj Jain, Partner, Leader – Innovation, DTTILLP. “The innovation initiative attempts to bridge this gap. As a possible implementation partner, DTTILLP can help mature Indian FinTechs fine-tune their solutions and identify global opportunities for them, using its scale and functional depth.”

Submissions are currently underway through DTTILLP’s website (www.deloitte.com/india). The focus areas include cost optimisation and efficiency, improved customer retention, revenue enhancement, enhanced compliance robustness, and reduced business and operation risks.

“Indian FinTechs can make their mark in the global FI marketplace with solutions in areas like the use of artificial intelligence, machine learning, natural language generation, process/operations automation, claims management and processing, straight through processing, and underwriting, among others,” says Vijay Mani, Partner, DTTILLP.

Submissions close on 24 July 2020, post which they will be evaluated on factors such as the clarity of the value proposition, its potential benefit to business (ROI), scalability, as well as the exsiting client base of the FinTech.

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