Data Will Help Companies Extend Personalised Services: MD Resurgent India

With the increasing penetration of the internet across the country, it is important to understand how it can be used to track the financial decisions of individuals.

Speaking at the BW Businessworld Festival of Fintech's third edition, Jyoti Prakash Gadia, MD of Resurgent India, says, "Very soon, banks will offer you the lowest interest rates; banks will chase you. Any major bank in India should have data on over 5,000 customers. Your bank has a fair idea of how much money you are spending on food, personal finance, shopping, and more."

"A bank can even share your data with a restaurant and earn a commission from converted customers," adds Gadia. Banks and fintech companies primarily depend on interest, but data can change the revenue sources of these companies.

Among various companies, fintech companies have a particularly urgent need for funding due to the nature of their business. They require substantial financial resources to expand their lending services. Additionally, these companies prioritise the delivery of satisfactory services such as valuations, financial advisory, and more. Resurgent India is an investment banking firm that specialises in providing funding solutions to companies. Their range of services includes debt syndication, private equity, valuation services, financial advisory services, credit rating advisory, TEV study and DPR reports, insolvency services, and training.

Know Your Customer (KYC) is one of the compliance measures that help fintech companies keep track of customers' spending patterns. In future, this information can help companies provide customised and personalised services and offers to customers. "KYC is not limited to your ITR, Aadhar, or PAN. It is more about understanding the customer's expenses, insurances, and spending patterns," states Gadia.

Expanding on the understanding of KYC, he expresses, "In the future, there won't be an average. It will be based on individuals and customised, be it insurance."

With changing technologies, companies have been shifting most of their processes to automation alternatives. Commenting on this, Gadia says, "While almost everything will be automated, we need checks and balances. You have to decide at what point in the process you want a manual interaction."

Today, the customer is the dictator. Data is ubiquitous, and soon data will start collaborating with each other. Companies need to adapt to the rapidly evolving data landscape and incorporate it to enhance the customer experience, starting from the onboarding process.