Banking sector seriously needs to be disrupted. They keep upselling products to aged and non tech savvy people.
The private bank people keep lying to customers in branches where things are not recorded.
There are so many social engineering frauds going on to loot the non tech savvy people.
Most of the data of Indians are available publically with their personal detials which is increasing the incident of fraud. The cases of cyber security does not gets resolved as they are too many and resources are few.
New age fintech are not doing any disruption. Their target people is mostly different due to their high cost of funds. All the current fintechs that I see are after giving loans to people at high interest rate instead of solving any meaningful thing. Collections at these fintechs employ all unethical tricks that you can think of.
There is proper case of disruption that needs to be done.
My guess is with the advent of large language model like chatgpt who can guide people over calls and while talking to any person will solve most of the upselling and frauds. It can also summarise long legal document of the bank. The bank other earnings needs to go.
Disclosure: Recently visited Axis bank branch. Have some experience in fintech in personal loan division.
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