In mid-2017, B Madhivanan, the chief technology and digital officer of ICICI Bank, met Rohan Angrish, the chief technology officer of online lender Capital Float. Madhivanan had questions about online lenders’ small-ticket loans. Fintechs like Capital Float lend to underserved segments like kirana stores that banks don’t normally touch. Madhivanan wanted to know more about how technology can help banks reach these segments, and how these segments will evolve. But he didn’t just have questions. He had a proposition. “That conversation then grew to whether I can build what fintechs build within the bank,” recounts 39-year-old Angrish, a computer science graduate from Stanford University with about 16 years of experience in building products.
ICICI Bank also wants to be a fintech
A bank that has relied on buying technology for years wants to build tech of its own. It must now let what it builds compete with what it has nurtured for years
ICICI Bank wants to react to change faster so it's building fintechs of its own
No bank in India has built tech from the ground up thus far
Banks need to prove their digital capabilities to keep their valuations strong
The real challenge lies in the integration of newly built solutions with existing business lines