Trust among customers is a key element in the fintech and banking space, said SN Subrahmanyan, CEO and MD of Larsen & Toubro.
Speaking at the Global Fintech Fest 2023 in Mumbai, Subrahmanyan stated that with a massive talent pool in the IT industry people will move to fintech.
“The fintech market is estimated to be a 400 billion market. The contribution of fintech in lending is amazing with the phenomenal amount of digital lending that is taking place, discovering credit-worthy customers, risk-based pricing with competition increasing and achieving scale through innovation. More than ₹400 crore of transactions are done digitally.
“Physical presence is required despite how digital we become. We have a unique opportunity with LTI Mindtree. We work across the globe with over 500 top banks as clients. This gives us extraordinary solutions in both retail and consumer loans,” said Subrahmanyan.
Larsen & Toubro’s LTI Mindtree business was recognised as a disruptor in retail banking services in 2022.
The technology-focussed company’s LTI Mindtree business has a $1.6-billion banking and financial service revenue with 65 per cent digital revenue. With 170 banking and financial service clients, the company has 20 ‘finnovation’ hubs, seven design studios, three research centres, and five innovation labs.