Finance & Economics

Punjab National Bank to set up a Fintech Innovation Center

The public lender will have access to various fintechs incubated by IIT-Kanpur

Punjab National Bank

Punjab National Bank to set up a Fintech Innovation Center. Source: pexels.com

Punjab National Bank and IIT Kanpur have teamed to establish a Fintech Innovation Center, the Banking Finance Post reports.

The center will be used as a vehicle to develop technological solutions and conduct research. It will also be used to explore opportunities and address challenges in the BFSI gamut.

The partnership will facilitate the creation of new solutions and products with innovations driven by technology.

With the help of FIRST (Foundation for Innovation & Research in Science & Technology), an FIC involving IITK’s faculty will be created. The FIC will be backed by VC funds, technology companies, major government organizations, and financial institutions. Among the focus areas include digital lending, cybersecurity, fintech, and payments among others.

Even with digital innovations, satisfying customer requirements via every link and physical touchpoints is paramount. Turn Around Time (TAT) and last-mile connect will be enhanced.

We’ve reported that the Reserve Bank of India introduced a digital payment index.

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