Karnataka Bank is shifting its strategic focus towards building its asset book through collaborations with fintechs and non-banking financial companies (NBFCs), according to the bank's Managing Director and Chief Executive Officer, Srikrishnan H.
Speaking on Thursday at the second edition of 'KBL FinOne, A fintech growth programme', held alongside the Global Fintech Fest 2023 in Mumbai, he emphasized the bank's commitment to expanding its product distribution, including digital credit cards, UPI on credit, insurance, and investments, personal finance, among others.
Srikrishnan also expressed the bank's intention to actively participate in the business-to-business (B2B) segment to serve underserved markets. He stated that as part of the bank's centenary celebrations, it aims to reinvent itself as a 'start-up @ 100', transitioning from being 'Karnataka’s Karnataka Bank' to 'India’s Karnataka Bank'. This shift is expected to involve active participation in the digital ecosystem, including specific open collaborations with fintechs to provide inclusive finance for micro, small, and medium-sized enterprises (MSMEs) and consumers.
The bank's Executive Director, Sekhar Rao, further elaborated on the strategic plan during his speech at the event. He outlined three broad parameters for building their digital lending ecosystem: focusing on areas where the bank has strengths such as MSMEs and the agriculture sector; developing a commercially viable model; and collaborating with fintechs.
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