Revolutionising BFSI Customer Experience: How Fintech is Leading the Way

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Amit Nosina,

Director – Sales, Customer Experience, Collections & Operations

Pune, 7th June 2023: India has the greatest acceptance rate of fintech in the world, according to Invest India, at 87%, significantly higher than the average adoption rate worldwide of 64%. The banking and financial industries are undergoing a transformation thanks to fintech, and this change will have a big impact on how customers are treated. The procedure is substantially quicker and more effective, cutting down on the amount of time it takes to perform tasks and minimising the possibility of mistakes. The BFSI industry, however, was impacted by conventional brick-and-mortar banking institutions before fintech, which mostly used physical branches, manual processes, and in-person interactions with customers. Due to their established reputations and familiarity with clients, these institutions maintained a firm hold on customer acquisition and enjoyed high levels of loyalty.

Banks are now considering how they may better serve their customers’ requirements as a result of changing consumer behaviour and increased customer expectations. Today, to compete in the banking industry, one must have a customer-first mentality. This enabled the fintech revolution to transform the traditional financial sector by offering people and businesses more useful, efficient and affordable financial services.

Adapting innovative financial services through digital platforms

The financial industry has responded to the demand for ease in the fast-paced world of today by providing technologies, such as mobile banking and digital wallet alternatives. Financial transactions are made easier and more secure thanks to mobile wallets like Apple Pay, Google Pay, and PhonePe, which save credit and debit card information. Additionally, because sensitive information is encrypted, digital wallets offer greater security than conventional payment methods.

Nowadays, usability and a seamless user experience are more important than merely offering capabilities in these fintech apps. Many digital lending companies have streamlined the consumer loan application process through various interventions including conversational user interfaces (UI) and cross-platform integrations. The convenience of these is further increased by the use of virtual assistants and the development of apps with basic features that users can rapidly learn and comprehend, making it simple for people to submit loan applications across numerous devices and conveniently access their financial data.

By creating better underwriting algorithms that can serve consumer categories that traditional lenders frequently ignore, fintech may focus on technical developments that have the potential to transform how loans are approved and disbursed in the lending sector. Accelerating the loan application and approval process has always been of utmost importance for both borrowers and lenders. This is why cutting-edge technologies like Artificial Intelligence and Machine Learning (AI/ML), robotic process automation (RPA), natural language processing (NLP), and optical character recognition (OCRs) are being used.

Changing customer needs and creating customer convenience

The majority of financial and retail technology have long been based on delivering personalised customer experiences. Technology assists fintech organisations with additional responsibilities including gathering customer data and producing suggested criteria that a client must meet in order to be authorised for a loan. Despite this, modern customers demand more from every service they utilise. In Deloitte research, 36% of respondents stated that they were interested in purchasing goods or services that were customised for them. Furthermore, 48% of respondents said they would be willing to wait longer for a customised good or service.

●       The advancement of AI and blockchain: The development of AI is a new trend that has the potential to completely transform the customer experience. AI can recognise speech, translate languages, and make decisions without involving a human. This means a more personalised experience, smart product recommendations and a better understanding of customer behaviour.

●       Quick Resolution using smart chatbots: With the help of advanced analytics, greater data and expanded channel options, fintech has fundamentally redefined how to serve customers in real-time. The client experience is enhanced by using chatbots and email automation to give individualised and useful information, such as reminders for payment due dates, account balance updates, and investment advice. Chatbots employ artificial intelligence to self-serve client requests in real-time, assisting with tasks including money transfers, problem-solving, checking account balances, and providing information on goods and services.

●       The fintech revolution is influencing future bankers: Future bankers will benefit from the changes that fintech is currently thought to be bringing about in the financial sector. As adopting digital technology and a customer-centric strategy becomes easier, bankers will have the chance to broaden their knowledge and skills to keep up with the environment’s rapid change. Fintech users emphasise the significance of data interpretation and analysis to provide clients with individualised solutions, offering up several new opportunities for bankers with these talents. Through partnerships with fintech firms, traditional banks will be able to compete in the ever-changing financial sector, paving the way for innovative customer-focused solutions.


The BFSI industry is evolving due to the fintech revolution. Fintech has made it feasible for financial companies to offer modern, cutting-edge products that satisfy their client’s changing needs and preferences. In order to stay ahead of the curve and meet their client’s changing needs in such a fast-paced sector, they put a lot of effort into updating their platforms constantly.