The NBFC & FinTech Excellence Awards 2022, was organized and hosted by Quantic India, on 4th of March 2022 at Holiday Inn, Mumbai. This event highlighted the perspectives of CXO’s on digital transformation and how it has affected the financial industry.
Key Highlights of the panel discussion:
- Big data is revolutionizing the financial technology (fintech) industry, making it easier than ever to leverage powerful insights from vast amounts of information. As fintech companies are becoming more advanced in their use of big data analytics for creating innovative financial products and services, the opportunities for cost savings and increased efficiency are growing exponentially. Businesses can now gain a competitive edge by leveraging predictive analytics and AI-driven insights to better understand customer needs, optimize product pricing, improve fraud detection, and make more informed decisions faster than ever before.
- Digital design thinking is a key element in FinTech, where creative solutions and innovative technologies are used to create efficient solutions for financial services. This approach requires an understanding of software engineering, user experience design, and data analysis in order to develop products that can quickly adapt to the changing needs of customers. It is also important to consider the impact of digital design thinking on customer trust and brand loyalty when developing new products or services within the FinTech sector.
- With advancements in Artificial Intelligence (AI) and Robotic Process Automation (RPA), companies are increasingly leveraging these technologies to automate manual processes and streamline operations. From customer service to risk assessment, AI-driven solutions are providing businesses with enormous potential to increase efficiency, reduce costs, and improve accuracy. This has led to an increased acceptance of robots within FinTech & NBFCs for its many advantages.
- The future of mobile payments in FinTech & NBFCs is incredibly exciting. We are quickly entering an era of unprecedented convenience, accessibility, and security for financial transactions, with innovations like digital wallets and contactless payment systems becoming more common. This technology promises to revolutionize how we manage our money, making it easier than ever to transfer funds, make purchases, and keep track of our income and expenses. With the right strategies in place, these advancements could help lead us into a brighter financial future.
- Digital marketing leaders see technology playing a major role in the NBFC & FinTech industry. By leveraging technology, organizations can streamline customer experience, enhance customer engagement, and maximize operational efficiency. For example, AI-driven customer service chatbots can help customers find answers to their questions quickly, while blockchain technology can secure sensitive customer data. Additionally, digital marketing leaders are exploring opportunities for using augmented reality and virtual reality to revolutionize the customer experience.
- The current COVID-19 pandemic has highlighted the need for improved customer experience (CX) in the financial services sector. One way to achieve this is to digitize end-to-end lending, allowing customers to access and manage their loan applications from start to finish online. By digitizing the loan process, lenders can provide a streamlined, secure and efficient CX, reducing wait times and simplifying the application process. This allows lenders to better serve customers during this crisis, providing them with easy access to funds when they need it most.
- Post pandemic, the growth of the vertical has been unprecedented. User behaviour use patterns have shifted drastically, with a notable increase in numbers of users on boarded. This surge in user base can be attributed to the rapid transition from traditional to digital platforms and services that has been necessitated by the pandemic. Furthermore, people have become more conscious about their personal safety and are increasingly opting for digital solutions as a result.
- The main pain points unique to the NBFC industry in terms of user acquisition, on boarding, engagement and retention are due to the lack of trust amongst users and unwillingness to share personal data. To resolve these issues, I have implemented strategies such as implementing customer support initiatives that provide personalized solutions and creating content campaigns focused on educating potential customers about financial literacy. Additionally, I have also employed customer feedback surveys to gauge user sentiment and create targeted marketing campaigns based on the results.
- AI is becoming increasingly important for improving customer experience through chat bots and AI assistants. AI enables customers to get faster response times, higher accuracy, and more personalized service from chat bots and AI assistants. Moreover, the use of AI allows companies to provide better customer service on a larger scale while saving time and resources. This in turn leads to improved customer satisfaction and loyalty, which are essential for long-term success.
- Our Expert Moderator: Hemanth Purohit – CEO, Parahit Technologies
- Our Eminent Panellists:
- Dharmender Narang – Chief Customer Experience Officer, IIFL securities Ltd
- Abhishek Sharma – CDO, L& T Financial services
- Deepak Singh – President & CBO, Reliance Securities
- Mukesh Kumar- Marketing Head Digital Marketing, Bajaj Finserv
- Anish Chowdary – Group EVP & Head Digital business – Retail digital business, Yes Bank
- Sandeep Saran – Head- Digital Innovation Initiatives, HDFC Securities
- Bala Chendil – Business head – Digital acqusistion, Ambit Finvest Private Limited
- Ankeet Bhat – Chief Strategy Officer, MapmyIndia
- Rahul Ramchandran Poduval- Director – Data Analytics & AI, India & GCC, Altair
The panel session was highly beneficial and provided a great opportunity to gain insight into the industry from experts & was also very informative, as the speakers gave us tips and advice that can be used in real-life scenarios to help us improve our skills and productivity.
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