The financial executives say that it is mandatory for financial institutes to think and behave like the tech companies. At an event in Guangzhou, China, David Rafalovsky, chief technology officer at Russian state-owned lender Sberbank, said, "I happen to believe that many banks, perhaps not all, are well-positioned to build brand new products."
David also expressed his concerns over the future of fintech (Financial Technology) firms with frustration on the fintech categorization as a separate to — and a threat to the bank's existence. He further added that the major lenders are no less fintech than the technology upstarts.