Technology and innovation – have become buzzwords across the world. The economies of different countries throughout the globe are fuelled by these, particularly in post-pandemic times. As more and more businesses start to undertake digital transformation, we have witnessed a significant change in how we transact. Even traditional sectors like banking and finance have been forced to rethink their business models to keep up with the latest tech innovations. And the fintech revolution has taken the world by storm. In India, we find some top innovative leaders to embrace fintech innovations and reach a hitherto untapped customer base. Let us look at some of the top tips from these transformational leaders that we can learn.
Learn to Embrace Change
Change is a constant. If you have observed the economic landscape of India over the past few decades, you will find a transformation unlike any other. Every business chooses to adopt digital payments and even customer outreach platforms, from small street vendors to large multinational corporations. Some of the top finance leaders of India, such as Sanjiv Bajaj, have successfully transformed the way we seek financial products. As the Chairman and Managing Director of Bajaj Finserv, he was the chief innovator behind the company’s drive to make digital finance and products accessible to the country’s remotest corners through robust web and mobile platforms. This ability to adapt and transform is something every entrepreneur can learn from.
The Road not Taken
Creating new frontiers in any industry requires visionary thinking and the courage to go against traditional boundaries. Most sectors and industries are often limited by age-old processes that continue for years. Entrepreneurs and business leaders are reluctant to break with such practices for fear of upsetting the applecart. The fintech leaders of India are not afraid to experiment and look beyond their horizons to take the untreated path. This may make banks and NBFCs adopt newer technologies like AI, Big Data, and Machine Learning (ML) to tune into customer needs.
Listen to the Chatter
Till about a decade ago, listening to “chatter” was never on the top of any business leader’s agenda. Customers, competitors, and even industry experts had few resources to make their voices heard. The digital age has changed just about everything. Customers can take to microblogging and social media platforms to offer feedback, criticism, and even suggestions for improvement. Some of the top fintech leaders of India, like Nithin Kamath, founder of Zerodha, have been actively involved in gathering stakeholder feedback and cloud-sourcing innovations to improve services and add value.
Take an Inclusive Approach
When looking at a digital transformation, it is important to remember that other business leaders and entrepreneurs across the globe may have gone through the same journey and faced the same challenges. An inclusive, collaborative approach with vendors and competitors will help ease the transition. It is crucial to change the organizational philosophy and culture to take advantage of these changes.
Stay on Top
One of the top tips from fintech leaders that any business owner must learn is to stay abreast with new technologies and innovations. The world of the digital economy is evolving very quickly, and with it, most industries are also adapting to changes. It is important to keep pace to survive and thrive in such an economy. It is also important to hire tech-savvy talent to make the best use of tech innovations.
India’s banking and finance industry has demonstrated an unprecedented ability to benefit from technology and innovation. Every business leader and entrepreneur can learn from the successes and challenges faced by India’s fintech leaders to adapt their own businesses to this change. The key to any business’s growth, development, and success could well depend on such transformational thinking.