Fazal Ilahi: Banking, Fintech & the Impact of COVID-19
The crisis banks needed, whether they wanted it or not.
Fazal Ilahi looks back at the 2008 financial crisis, driven by subprime mortgages, and how it exposed the dangers of risky banking products paired with slow regulatory responses. It's a cautionary story that still shapes how banks think about risk today.
Fast forward to today, and Fazal argues that COVID-19 has been the true driver of digital transformation in banking — far outpacing anything a CEO or CTO could push through on their own. To survive, he says traditional banks must shift from being isolated integrators to collaborative open-banking orchestrators: partnering with Fintechs, blitz-scaling their technology, and showing genuine empathy for the societal impact of the crisis.
What You'll Learn
- What the 2008 subprime mortgage crisis revealed about risky banking products and slow regulation
- Why COVID-19 drove more digital transformation in banking than any CEO or CTO initiative
- How banks can become open-banking orchestrators by partnering with Fintechs
Written by Ayush Bisht · Reviewed for accuracy by Sanjay Saini
Key Takeaways
About the Speaker
Fazal Ilahi is Senior Vice President, Private Equity at GlobalLogic, where he leads the firm’s Private Equity practice, partnering with global private equity sponsors on engineering, digital transformation, and AI-driven value creation across portfolio companies. With more than 25 years of technology leadership experience, he has previously held senior roles including Global Client Partner and Portfolio Head for Private Equity & Hedge Funds at Cognizant, and Managing Director, Strategic Delivery Executive at Accenture. Fazal Ilahi spoke at Scrum Day India 2020 on “Banking, Fintech & the Impact of COVID-19.”
Presentation Deck
Follow along with the slides used in the session: