Data-driven decision-making, predictive analytics and machine learning are reshaping the financial services landscape. These technologies enhance customer experiences, optimise financial operations, and drive innovation within the fintech sector.
Industry leaders recognise the profound impact of leveraging data to foster growth and transform traditional financial models. As the fintech industry evolves, data's pivotal role in financial innovations continues to expand, offering new opportunities for efficiency and advancement.
The Role Of Data In Financial Innovations
Jaya Janardanan, Co-founder and CEO at Krayontek Solutions, began by reflecting on her career in banking, emphasising the critical role of data in making informed lending decisions, preventing fraud, and ensuring regulatory compliance. She emphasised, “Data plays a crucial role in making informed lending decisions, preventing fraud, and ensuring compliance with regulations like KYC.”
Shashank Sharma, Director at ScoreMe Solutions, highlighted the evolving expectations of end-users for quick decisions based on structured data profiles and credit histories. He pointed out, "Today, end-users expect quick decisions based on their data profile and credit history. It's crucial that we utilise structured data to support widespread financial innovations."
Ensuring Data Privacy And Security
Jayakrishnan Rajagopalan, Associate Director of Solutioning and Application Data AI at Kyndryl, brought attention to the critical aspects of data privacy and security in financial applications. He said, “Privacy starts with design, not as an afterthought. Designing applications should prioritise asking what data is needed and why, rather than collecting all data for future use.”
Yuvraj A. Thakker, Managing Director at StoxBox, highlighted innovative uses of data in high-frequency trading and predictive analytics. He elaborated, “It’s essentially use of data right? Primarily, where you find high-frequency trading, data-driven trading.”
Giridhar Krishnamurthy, Business Head – EMS at Zaggle, discussed the challenges of integrating and interpreting data across varied sources in corporate environments. He pointed out, "When it comes to the corporate world, data integration remains challenging due to its varied sources and formats."
APIs And Standardising Data Usage
Hrushikesh Mehta, Senior Vice President – Financial Services at ONDC, emphasised the role of APIs in standardising regulations and enhancing data usage across financial entities. He explained, "ONDC aims to connect manufacturers directly to consumers in a digital-first approach, leveraging data from various sectors to enable quicker, more informed lending decisions."
The panel concluded with insights from Vaibhav Joshi, who emphasised the need for vigilant data privacy practices and the ethical use of consumer data in financial services. He underscored, "Privacy is critically important, especially in a society like India. We must be vigilant about what apps we use, as they often track our activities without our full awareness."
From enhancing customer experiences to optimising risk management and compliance, leveraging data-driven insights is crucial for staying competitive in today's dynamic financial landscape. As technologies continue to evolve, the ethical use of data remains paramount, ensuring that financial innovations empower while safeguarding consumer trust and privacy.
This panel discussion was taking place at the fourth edition of the BW Businessworld’s Festival of Fintech. Data-driven decision-making, predictive analytics, and machine learning have emerged as pivotal forces reshaping the landscape of financial services.
