What are the best practices and performance standards that FinTechs must adhere to while embracing digital transformation to remain competitive?
The next FinTech major may very well be born out of India, thanks to the emergence of startups that have a technology-first approach to solving emerging market problems.
But before getting there, Indian FinTechs may need to deal with the challenge of retaining a customer who is spoilt for choice in a hyper competitive market. That was the key topic of discussion in the FinTech session of The Next Wave of Cloud Innovation, a series of industry-focused roundtable discussions, organized by Forbes India, in association with Google Cloud.
A key question facing Fintech in the coming months and years would be dealing with the challenge of knowing a customer when regulations gradually strip away the tools required to do so, said Google Cloud’s Stuart Houston. “The use of cookies for personally identifiable information is going away fairly quickly in the next year or two,” the director, Financial Services for the Asia Pacific region at Google Cloud added. “So I think the industry is going to need to think through how do we best acquire those customers given in some cases, we know a little bit about them.”
“It’s a really interesting problem statement in the financial services industry, Fintechs (in particular) where majority customers are acquired through digital channels,” given that identifying and tracking customers through cookies for example will likely go away in the next year or two, Google Cloud’s Stuart Houston pointed out.
“So I think the industry is going to think through how do we best acquire those customers given in some cases we know little bit about them because they are existing customers or they are prospects that are coming through our digital storefront whether it's an app on the phone, or through our website,” said the Director, Financial Services for the Asia Pacific region at Google Cloud. “How do we understand the context of those customers and deliver that compelling experience?”
Stuart cited the example of UK-based challenger bank Monzo Bank Ltd. which built its ecosystem on Google Cloud.