In the last 2-3 years, banks have been increasingly collaborating with fintech companies to provide convenience and better services to customers in a cost-effective way. There are 1,352 active fintech startups that have disclosed funding amounts. Most large commercial banks and some of the small- and mid-sized ones have worked with these fintech companies and see benefits too.  To attract and retain customers, more and more banks are working with fintech companies that provide solutions in payments, mobile apps, lending, artificial intelligence, e-commerce, analytics, chatbots and blockchain technology. Banks find it cost-effective to collaborate with fintech companies instead of building the technology on their own. Customers too benefit from it, as they don’t have to wait for a banking executive to respond to their queries. It helps customers to compare the financial products by going to a web portal, instead of visiting different banks.

(Live Mint)