Mr. B Ram Sundar
Director, Credit Policy & Risk – BankBazaar.com
The Beyond Management Initiative session on 13th February 2019 was marked by the presence of Mr B. Ram Sundar (Director, BankBazaar.com). The session was mainly based on the emergence of FinTech in India. How FinTech has unbundled all the services of a bank, how a customer is now able to pick and choose services from banks simply through easy-to-use applications on a mobile phone and how this entire process has empowered the customers is a major change that the FinTech services have brought about in the world.
Regarding the rise of FinTech, Mr Sundar mentioned that around $50 billion have been invested globally in this field over the past five years. Inquisitiveness regarding FinTech has risen over the past few years and hence, this has given rise to constant innovation in this field, where the services are now looking to cover the 720ᴼ view of the customer rather than the previous 360ᴼ.
He then elucidated about the various components of FinTech namely – BankTech, InsuranceTech, personal finance and payments (which includes wallets, merchants, payments and crypto). He then explained about BankBazaar, which is the world’s first neutral online market place for instant customised rate quotes on loans and credit cards. Getting a loan in today’s world doesn’t involve much of the hassles and paper documentation as it used to be a few years before.
Hence, in the field of digital lending FinTech has found extensive opportunities and there are tremendous and wide areas of growth especially in the Tier I cities as of now. In the future roll out of alternative, descriptive tech-driven business models across multiple segments can be expected. Also, probably the main goal of this service in the future should be a better reach to the general class residing in the smaller towns of the country.
Contributed by : Saurabh Mishra, LIBA – Student