FinTech LIVE London – Santosh Kumar, HCLTech
At FinTech LIVE London Global Summit, Santosh Kumar, Head of Financial Services Technology Sales at HCLTech, delivered an engaging presentation on the evolving relationship between fintech and banking.
His talk, ‘Reimagining Banking: The Role of Fintech in Digital Transformation’, explored how technological innovation is reshaping financial services and transforming customer experiences.
The need for transformation
Santosh opens by recounting a personal story from 2012 when limited mobile banking options made simple actions like freezing a stolen credit card a lengthy process.
He notes how fintechs like Monzo, which introduced this functionality in 2015, have revolutionised banking.
"Fintech has transformed the way we interact with financial institutions, setting new standards for customer experience," he says.
He highlighted three core drivers for change in banking:
- Customer Control: Customers increasingly demand real-time access and control over their finances.
- Instant Gratification: Rapid transactions, such as international money transfers, are now a baseline expectation.
- Innovation: New products like crypto wallets and investment tools are drawing attention from tech-savvy users.
“Traditional banking models no longer suffice,” Santosh states. “Banks must embrace digital transformation to meet evolving consumer expectations.”
The fintech revolution
Santosh discusses how fintech has shifted from an industry disruptor to a collaborator with traditional banks.
He cites examples of collaboration such as NatWest partnering with fintech-as-a-service provider Vodeno to create BOXED, and HSBC’s joint venture with Tradeshift to launch Seamless Embedded Finance (SEMFy).
These partnerships, he explains, demonstrate the power of combining fintech agility with the scale of established institutions.
“Fintech and banks aren’t competitors; they’re collaborators,” Santosh emphasises. He pointed to HSBC’s Zing app, which allows users to send money internationally in minutes, as a successful example of this synergy.
The future of banking
Looking ahead to 2030, Santosh outlines four trends shaping the banking landscape:
- AI-Powered Everything: From fraud detection to customer service chatbots, artificial intelligence is revolutionising financial services. He noted NatWest’s chatbot, Cora, as an example of AI enhancing customer experience.
- Digital Assets: Blockchain technologies like the Regulated Liability Network (RLN) are set to transform payments, settlements and bond issuance.
- Invisible Banking: Embedded finance is making banking services seamless and integrated into everyday activities, such as purchasing travel insurance while booking flights.
- Fraud Prevention: As financial crimes become more sophisticated, banks are increasingly relying on fintech solutions to bolster security.
“AI and digital assets will play a pivotal role in transforming how banks operate,” Santosh predicts.
Fintech’s impact on society
Santosh also highlights the broader impact of fintech on society, particularly in fostering financial inclusion. He notes that 39% of UK fintechs focus on improving access to financial services for underserved populations.
“This is about more than just technology; it’s about creating opportunities and empowering communities,” he says.
He points to initiatives like India’s zero-balance account programme as examples of fintech driving inclusion.
“Opening a bank account is the first step toward financial stability,” Santosh notes.
Santosh concludes by reiterating that fintech is not just reshaping banking—it is transforming lives.
“This is the time to reimagine banking,” he says, urging banks and fintechs to continue collaborating to deliver innovative solutions.
Essential diary dates for 2025
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2025 diary dates:
- FinTech LIVE Singapore | 25 February
- FinTech LIVE Dubai | 6 May
- FinTech LIVE New York | 17 June
- FinTech LIVE London | 7-8 October
- The Global FinTech Awards | 7 October
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