Mumbai, 12th July: In the ever-evolving world of fintech, staying ahead of trends and maintaining a competitive edge requires a strategic and multifaceted approach. From closely following regulatory changes and understanding consumer trends to leveraging innovative technologies and drawing inspiration from beyond geographical boundaries, this expert shares his methods for navigating the complexities of the fintech landscape. Additionally, the article highlights his motivations behind joining fintech ventures, the challenges faced in digital transformation projects, and valuable advice for aspiring professionals looking to make their mark in the industry.
Join Mr. Yash Dabriwal, Chief of Staff, at mPokket in conversation with Mr. Marquis Fernandes, who spearheads the India Business at Quantic India, as they delve into the fast-paced and constantly evolving world of fintech. To navigate the complexities effectively, professionals in the fintech sector must adopt a multi-faceted strategy that not only keeps them informed about regulatory changes but also aligns with the ever-changing preferences of consumers.
Mr. Yash is a former management consultant from McKinsey and carries a wealth of experience in digital transformations for BFSI and new business builds with Fintechs. He’s an MBA from IIM Calcutta and a qualified CA and CS.
What is your personal strategy or mantra for staying updated and ahead of trends in the ever-evolving world of fintech?
To stay updated and ahead of trends in the dynamic fintech industry, I rely on a multi-faceted approach.
First, I closely follow regulators and their visions for the country. This is crucial because regulatory changes significantly shape the direction of the fintech industry. Understanding compliance requirements and anticipated regulatory shifts provides insight into future industry developments.
Second, I stay attuned to consumer trends. It’s essential to understand the evolving preferences and technological inclinations of consumers. By observing which technologies are gaining traction and how consumer behavior is changing, I can align our strategies with market demands.
Third, I continuously monitor our own customer base. Regularly gathering feedback and analyzing customer behavior helps us identify shifts in preferences and expectations. This internal feedback loop is vital for staying responsive and relevant.
Additionally, I look beyond geographical boundaries and even outside the fintech sector. Observing what other companies are doing, both in different regions and industries can provide valuable insights. For example, understanding the best technology stacks used outside of fintech can offer innovative ideas and solutions.
What inspired you to join mPokket, and what specific market need or problem is this fintech company addressing with their solution?
Joining mPokket was driven by my desire to be part of a dynamic organization that addresses a significant challenge in our country. In our quest as a nation, to achieve the ambitious growth targets, mPokket plays a crucial role in empowering a large portion of the population. The nation’s results are closely linked to a broad-based participation in the development story. We aim to bring forward and drive a whole new set of individuals towards these goals by providing access to credit and other essential services.
mPokket’s impact extends beyond just financial assistance. For instance, our career accelerator features provide AI-interview preparation and job opportunities, enabling our users to enhance their skills and secure better employment. This holistic approach not only supports individual growth but also strengthens the overall economic fabric of the country.
Can you discuss a particularly challenging digital transformation project you led, and how those insights are being applied in your current venture?
I was part of a major transformation project where we revamped the credit underwriting process for one of the largest private banks in the country, specifically targeting their small and medium enterprise (SME) customers. We developed a comprehensive model that takes 100+ unique inputs to assess overall risk and credit worthiness. This transformation was backed by a revamped 100% online application processing.
Another significant project involved digitizing processes for corporate banking at one of the largest public sector banks in the country. By applying the same principles used in SME loans to corporate loans, we streamlined operations and improved efficiency.
In my current venture, I have leveraged the insights and principles from these projects to refine our credit underwriting model albeit for unsecured personal loans. The insights have been instrumental in enhancing our loan offerings, improving processes and ensuring we leverage valuable risk assessment inputs while meeting the diverse needs of our clients.
What message or piece of advice would you like to share with aspiring professionals who are just starting their own startups?
Work carefully and prioritize accuracy in everything you do. Before diving in, take the time to thoroughly understand the depths of your job and identify all the critical aspects that contribute to making a business successful. Begin by observing, then doing, and finally scaling up your operations. Ensure you have strong foundations with a clear understanding of fundamental concepts of the industry and your role. While you will inevitably have to make strategic intuition-based calls along the way, strive to make informed data-backed decisions at every level. Develop the ability to make these calls when necessary. Additionally, always surround yourself with a team of smart individuals who can help you succeed and accelerate your learning and growth.
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