Making the opening remarks at the discussion, Pallav Jain, Head – Consumer, PayU India said, “Fintech is an exciting place to be in. All fintech companies are born out of customer needs. So, the focus on customer delight is something which will make this space grow larger in the years to come,” said Pallav Jain, Head – Consumer, PayU India.
Jain was speaking at a panel discussion ‘Fintech and Disruptors’ at BW Businessworld Fintech Summit 2017 held at Mumbai on Friday (8 September).
“We will see a lot of new customer centric solutions in the future and we are also going to see the existing ones much more significant in future,” opined Jain.
Speaking on the experience of his company, Yashish Dahiya, CEO & Co-founder, Policy Bazaar said, “We clearly spotted an opportunity and we knew the real issue was the lack of awareness about the insurance products. We filled up that gap.”
He further explained that they were bringing transparency and all the existing players got scared. This really made the insurance companies to come up with more consumer friendly products.
“We acted as a catalyst for insurance companies to bring out more products,” he added.
Vinay Agarwal, CEO, Angel Broking said that innovation and disruption was always there in the market. Now what is happening is that it is hurting the people who are slow and not technologically advanced.
“Disruption is violent in that sense compared to past,” Agarwal observed.
The road ahead for fintech companies are not going to be easy. There will be a lot of collaborations and partnership in future for the businesses to sustain. How to find out fintech companies which are niche and potential to grow and incorporate them into your business is going to be very important for growth.
“A good collaboration or partnership can do wonders for customers,” explained Agarwal.
According to Jai Pawani, COO, India, HSBC, technology should be adopted based on consumer needs. “As you put more power into the hands of consumer, there should be more transparency in transactions,” he felt.
Mahesh Patel, President & Group CTO, AGS Transact Technologies opined that collaboration is something really going to work in future and fintech companies can really leverage on those platforms, “That will be the real disruption once it happens,” said Patel.
“When we create products, we should know about our strengths and weaknesses. We should come up with products based on our strength and should collaborate for the areas which we are weak,” said Anubhab Goel, Head – Digital Transformation, HDFC Life.
It is important for fintech companies to look at the entire platform and ecosystem before making a move.
Bhavik Vasa, Chief Growth Officer, ItzCash felt that innovation is important but skeptical about disruptive innovations. Vasa observed that the customers are not comfortable to do experiment with finance and financial products.
“We do a lot of collaborations with banks for this reason,” he said by adding that digital is not the answer but need to give personal touch to the transactions by way of customer services etc.
In his concluding remark, the moderator of the panel discussion, Hemant Kshirsagar, Principal Consultant at PWC, said that disruption is all about opportunity available and the ultimate beneficiary is going to be the customer.