Trustful Transformation

Transformation is no longer only about growth & efficiency. It involves aspects like compliance, security and explainability that are impacting NBFCs. These issues are explored in this panel at NBFC's Tomorrow:

Vaibhav: Technology teams are the most pivotal part in most of the NBFCs. How exactly has this role has evolved over last3-4 years, especially in analytics and customer services?

Himanshu: The role of data has been pivotal in today’s era. The role of customer analytics especially in NBFCs, you have 3-4 main axes where you see the change. First, you can use it for customer profiling and determine the level of risk. From there, you can have quite a few use cases, such as what kind of loan amount to offer the customer, what kind of services, etc. Starting with the least risky, the organization may want to take more exposure to that customer. You want his/her experience to be very good so that the customer stays with you.

The second is real-time fraud analytics. When the customer is making a transaction, you identify at real-time whether this transaction is genuine or not. A lot of companies are employ AI tools to detect such fraud.

Vishal: Every aspect of doing business has changed, including technology. We have identified how we can track the fraud cases, how we can analyze the information better. At the end of the day, what remains constant is customer service at the end of the day, providing the right, best experience to the customer. To give an example, initially, everybody started moving to cloud, to one single cloud environment. And then the technology evolved and we moved to multicloud environment, a hybrid environment, with some on the cloud, multi-cloud situation and some on-prem, just to ensure that the business keeps on running. At the end of the day, the fundamental principle is to be risk averse. Another example – initially, identity management was just login, username and password, but now things have changed, we have single sign-on ZTNA, etc.