Inc42 and Onfido, a technology company providing identity verification solutions, recently held a roundtable discussion on Scaling In The Fintech Market 101: Balancing Customer’s Safety & Satisfaction and deep-dived into many critical areas. These included:
- Managing the surge in user number in FY21 and dealing with the consequent challenges
- Developing an efficient and effective customer security strategy
- Decoding how to onboard clients and customers securely
- Building and implementing security measures without compromising on experience
- Role of security and data localisation in increasing retention and scaling the business
- Building effective strategies for implementing data-led insights to scale securely in the fintech market
Moderated by Harvinder Singh, MD (APAC) at Onfido, the discussion included Harsh Pokharna, cofounder and CEO of OkCredit; Natraj Choudhury, head of engineering at Zolve; Samir Mohanty, COO of Avanse Financial Services; Sumit Gwalani, cofounder, Fi Money, and Vasudev Sharma, VP (platform engineering) at Upstox.
Fintech 101: Adapting To The Big Shift In Customer Safety & Satisfaction
India is a lucrative market for developing an inclusive fintech ecosystem, owing to a burgeoning population, fast rate of digital adoption and demand for high-quality products and services. According to Invest India, the country witnessed 25.5 Bn online payment transactions in 2020, the highest globally and ahead of the combined transactions recorded in the US, the UK and China.
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A report by Inc42 estimates that India’s overall fintech market will reach $1.3 Tn by 2025, growing at a CAGR of 31% during 2021-25. With this growth, it has become essential for brands in the segment to focus on customer acquisition and retention.
Customer convenience and satisfaction are paramount when it comes to fintech success. From hassle-free onboarding to smooth transactions to delivering top-notch customer experiences, the list of must-achieves is long for the startups in this space. Therefore, fintech companies are working on making their services less complex, more transparent and easier to adapt.
While customer satisfaction is a significant trigger that impacts technology adoption, data security and privacy risks have turned out to be the top concerns for both users and fintech innovators. As digital payment has become the go-to option for many in a fast-evolving fintech landscape, data ubiquity, and consequently, security breaches make the entire ecosystem more vulnerable. In fact, the lack of a robust data security system is one of the reasons why many customers abandon transactions, and new users hesitate to come on board. So, fintech companies are now putting in place more stringent measures to secure customer data and transactions.
Watch this video to understand the dynamics of the fintech ecosystem as the speakers share their experiences and stories.