Sheetal Mayekar, CMO, Rubique
Technology has brought
transformation in the customer mindset;
the millennial customers are not much
concerned about the brand. Today’s
customer wants everything to be digital,
so companies need to keep the platform
ready to serve the needs of the customers.
The customers want faster, simple and
convenient technology. The loan process
is very complex in India compared to the
European countries, where there is digital
infrastructure and we in India do not have
such an infrastructure. Also, there is no
standardization in the industry in terms
of evaluation parameters. For example,
in case of home loans, different valuators
provide different valuation reports making
it difficult to ascertain the exact value
of the property. Government & NITI
Ayog are focusing on making lending
process smoother by deploying requisite
digital infrastructure and taking various
initiatives on this front. Rubique always
focused on B2B2C model as India is a
influencer driven model; we have deployed
technology in the distribution space and
we are using analytics for generating the
data. Based on this data, we are developing
the artificial intelligence which can provide
predictive insights for future transactions.
Finding the right talent is a challenge
in this industry due to constant evolution
of technology and practices in this space.
Marriage between financial services
industry and technology is very important.
In any product development the first
and foremost thing is to decide who your
customer is and what their expectations
are. All models in the fintech space
available today are different from each
other. It is unfair to do any apple to apple
comparison. Hence there is no readymade
talent available for the companies.
There are multiple institutes which are
introducing fintech courses but they are
struggling with them. Fintech companies
require talent across its functions
like technology, product, strategic
partnerships, marketing etc. For example,
a team working for data partnerships
needs to think out of the box and come
with possible alliance opportunities in the
existing eco-system.
The opportunities in lending is huge
and recently, we have witnessed companies
like Flipkart, Ola and Oyo applying for
NBFC licence.Ravinder Pal Singh, Director - Business
Development, Dell EMC India
In the initial days, trust and personal
relation played important role for banks
in connecting with customers. Technology
is still in its early stage for the industry in
India; gradually customer trust will be
established on technology. Nowadays,
people believe more on technology
compared to relationships.
India doesn’t have comprehensive
data regulation laws; the IT Act has
only 2 sections. When GDPR came out,
everyone has started realizing that India
should create data protection law. There
are expectations from the new government
that they will make data protection law
effective for the companies. The new law
will fill up lots of gaps, in terms of data
security and data privacy.
Indian global companies and
international companies are taking the
example of GDPR and are formulating their
own policies. There are gaps and these will get
filled once new data law comes into existence.
Customers feel safe and secure in dealing
with the public sector banks compared
to private banks.The customer trust level has increased
on technology, and it is helping customers
and the vendors to be more effective in their
operations and relationships. Customer
relationships will continue to leapfrog with
blockchain and other technologies.Gaurav Anand, CFA, Co-founder,
Namaste Credit
We have emerged as a leading fintech
in the SME segment. There are 60 large
financial institutions that use our lending
platform catering to the needs of MSME
and SME companies. Namaste Credit
has started offering its technology to large
financial institutions on a SaaS model.
There is a gap between salaried customers/
individuals and SME and MSME companies.
Individual salaried customers are exposed to
technological breakthroughs.
Companies need to prioritize the end
user experience. India is still not a brand-
driven country and companies service as per
the needs of the customers. Many companies
have started using AI and ML but these have
not reached the final customers. NBFCs are
facing quality talent issues, as we are still not
the Silicon Valley. These companies need to
keep their objective and nurture their talent.
The customer experience will also evolve,
and the creators of technology will achieve
the customer experience.
Origination, underwriting and
collection are the 3 problems faced by
banks and NBFCs in India and they need
to find answers to these problems.Abhinav Johri, Ravindra Pal, Sheetal Mayekar and Gaurav Anand sharing their insights on the
‘Next Wave in Customer Experience’Discussions at sessions:
Efficient Lending Business Trends