Become A Startup Insider With Inc42 Plus
Join our exclusive community of business leaders &makers for in-depth tech stories and intelligence on India’s tech economy you won’t find elsewhere.
Unlimited Access
Unlock unlimited access to 500+ monthly new stories and Inc42’s complete archive of 40,000+ stories.
Inc42 Academy
Exclusive, in-depth and actionable sessions from 300+ industry leaders, founders & operators to help you level up.
Startup Deals
Over $250,000 worth deals on software & tools to help your business scale up.
Member-Only Events
Connect with editors and industry peers through our members-only community
Clutter-Free Experience
Enjoy an ad-free and clutter-free experience as a member, focus on what really matters to you
Support Independent Journalism
Your contribution will go on to support and empower our unbiased & data-driven journalism
Become A Startup Insider With Inc42 Plus
Join our exclusive community of business leaders &makers for in-depth tech stories and intelligence on India’s tech economy you won’t find elsewhere.
Choose Your Plan
Become A Startup Insider
Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.
Inc42 and WebEngage recently hosted a panel discussion on the fast-evolving Indian fintech market. Titled Customer Experience (CX): The Next Battleground For Digital Finance, the topic covered many critical points such as:
- Traditional data collection and challenges in marketing automation
- Breaking data silos to create a single viewpoint of customers
- How to implement a unified view in creating customer profiles
- Building and sustaining customer experience in Tier 2 and Tier 3 cities
- Prerequisites to achieve true individualisation and create unforgettable customer experiences
Moderated by Minesh Koradia, director of banking and financial services at Mumbai-based marketing automation platform WebEngage, the discussion featured noted personalities, including Neelabh Sanyal, founder and COO of Kuvera.in; Kartik Jain, cofounder of Karbon Card; Viram Shah, cofounder and CEO at Vested Finance, and Joginder Rana, vice president and MD, CashE.
The CX Challenge In Digital Finance
According to a FIS survey, 68% of Indian customers used digital channels for financial transactions during the Covid-19 lockdowns. As this digitally savvy customer base increases, fintechs find it crucial yet challenging to customise consumer experiences in sync with a fast-evolving ecosystem.
This wave of change can be mainly attributed to the varied combinations of socio-economic and technological transformations that the world has undergone in the wake of the pandemic. Consequently, customers today, whether individuals or enterprises, look for convenience, speed and security from fintechs and financial institutions (FIs).
Therefore, startups operating across the fintech landscape place a high premium on developing a customer-centric strategy. Also, various studies reveal that acquiring new customers is more costly than retaining the current ones, especially for startups. What makes it even more complex is that customers enjoy unlimited choices in the digital age, and their focus and loyalty tend to get divided too soon. Simply put, it is getting more challenging to retain loyal customers.
During an earlier conversation, Yashoraj Tyagi, CBO and CTO at CASHe, an instant personal loan provider, told Inc42, “The millennial and the Gen Z cohorts are managing a disconnected portfolio of providers, apps, virtual cards and banking accounts. But it does not result in a seamless experience, thus making customer retention more challenging.”
One of the fastest-growing sectors in India, the fintech market opportunity is expected to reach $1.3 Tn by 2025. This depicts the sector’s vast potential but further indicates the challenges awaiting fintechs as they scale their operations in a highly competitive market fraught with regulatory hurdles.
