Anil Chaturvedi is an experienced banker with over four years of experience in the industry. Chaturvedi has experience in all aspects of banking including private, corporate, and investment banking and has concentrated much of his career on cross-border transactions taking place between India and various European countries.
Chaturvedi grew up in his native India and attended the University of Meerut where he received a bachelor’s degree with honor status in economics. He moved on to Delhi University’s Delhi School of Medicine in 1973 and while there satisfied the requirements to obtain his MBA.
Anil currently works in Switzerland at the Hinduja Bank and he has been both outspoken and quite informative in regards to what he feels is the effect that Fintech is having on the banking industry.
Fintech is the moniker given to financial technology and the thought of the word causes many in the banking injury to become unnerved by the perceived threat that exists. The four decades of experience that Anil Chaturvedi has in the banking industry has afforded him a more objective view of the Fintech situation and he speaks when he can about what is, and what is not affected by Fintech.
One narrative that has become particularly common in the many discussing taking place regarding Fintech is that traditional banking can possibly be in endangered by the consumer-focused, fast-moving start-ups that result from finance technology.
Anil Chaturvedi says that the impact that has been seen in the banking industry due to Fintech start-ups have occurred mostly in the retail sector of the industry. Chaturvedi explains that these companies are able to function at this level because they are able to improve user experience, increased brand awareness, and pricing structures that attract customers.
Chaturvedi says that these smaller Fintech startups benefit by being able to laser-focus their efforts due to the lack of encumbrance that that is experienced by traditional banks.
Anil Chaturvedi explains that the traditional banking industry has many advantages also and is not in imminent danger from the Fintech industry. Traditional banks have much more resources at their disposal than startups and while these new players in the industry are able to present a quite attractive display to customers they have not been able to produce the infrastructure on the backend that is present with traditional banking.
Chaturvedi tells naysayers that while the banking industry is in a constant state of change and will no doubt look very different in two decades, that it would be a mistake to think that traditional banks will no longer exist due to Fintech or whatever is next in the form of innovative banking solutions.