The Banking Executive Magazine - July Issue 2021

Banks and FinTech Partnerships Banks and FinTech Partnerships TO BRING ABOUT A PARADIGM SHIFT IN THE FUTURE OF BANKING INDUSTRY Digitisation has changed every sec- tor, and the banking industry is no exception, leading several banks to reduce their physical footprint in an effort to bring more customer centric digital platforms to the forefront of their retail offering. This digitisation and transformation journey has led several global and local banks, bro- kers, insurers, and investment man- agers to opt for online and digital solutions leading to a boost in part- nerships with FinTech companies. “In the early 90s, with the UAE econ- omy and population growing, banks saw an opportunity and launched in- novative retail products for personal accounts, credit cards, auto and per- sonal loans to fulfil the banking re- quirements with a focus on salaried individuals. These products were an instant hit and had an overwhelming response amongst the general popu- lation, specifically corporate and government employees. With the growing demand for retail banking products, banks were compelled to grow their distribution network and physical footprint, in addition to ex- ploring other avenues to convert this opportunity. This gave birth to the outdoor sales - the UAE banks were the first banks regionally to introduce sales teams concept where a sales of- ficer would visit an employer or a corporate rather than the employees visiting a bank branch,” said Ali Imran, Cofounder and Chief Com- mercial Officer of GoFinance, who was amongst the first retail banking outdoor sales teams in the country. “It is happening all over again, but this time in the digital space,” added Imran. the BANKING EXECUTIVE 34 ISSUE 151 JULY 2021 Mr. Ali Imran, Cofounder and Chief Commercial Officer of GoFinance