The Indian Institute of Technology (IIT), Kanpur has signed an MoU with Punjab National Bank (PNB) to set up a Fintech Innovation Centre (FIC) on its campus.
IIT-Kanpur declared that the centre will work on researching and formulating technical solutions to deal with challenges and explore opportunities in the BFSI space. PNB will get access to the pool of Fin-Techs developed by IIT-Kanpur along with their innovations.
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The official statement revealed that The FIC will be aided and funded by a holistic ecosystem of financial institutions, academia, venture capital funds, technology companies, and government organizations. It adds the plan of focusing on the sections of fintech, digital lending, payments, cybersecurity, etc.
Punjab National Bank MD & CEO Mallikarjunarao disclosed that this partnership will give an opening for IIT incubated startups and Fintech Companies to develop technological solutions for PNB and improve the ecosystem.
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Mallikarjunarao explained that PNB wishes to deliver Omnichannel treatments to varied sections of consumers with forwarding and backward connections such as commercial, agriculture, MSMEs, etc.
Further adding to this he said that it is essential to assure the last mile connect and Turn Around Time (TAT) in meeting the necessities of the client through digital or Physical all linked touch-points. He also let out the idea of developing a technological outcome through peripheral solutions, open bankings, etc to extend the relationship between customer and bank.
Prof. Amitabha Bandyopadhyay from IIT-Kanpur confirmed that the establishment of PNB-FIC at IIT-Kanpur research will be started with Fintech-related neo-technologies for developing advanced solutions for the Bank.
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