Today: Jun 23, 2024

Big Data: Fueling FinTech’s Evolution

1 min read

Hello and welcome to Express Computer! This article explores the role of big data in the evolution of the FinTech sector in India. Here are the key points:

  • The digitization of the BFSI sector in India has been a significant driver of growth over the past decade, with digital lending making up 12% of all disbursals in FY22.
  • Big data plays a crucial role in the FinTech sector by providing valuable insights into customer behavior, enabling hyper-customer segmentation, improving customer experience, and facilitating accurate decision-making.
  • Hyper-customer segmentation allows FinTechs to provide targeted products based on customer behavior, needs, and demographics, reducing customer acquisition and retention costs.
  • Big data helps financial service providers deliver hyper-personalized products and improve customer experience by removing redundancies in customer journeys and enabling faster application-to-conversion cycles.
  • By analyzing vast data sets, financial institutions can gain insights into customer behaviors and preferences, allowing them to tailor their offerings with precision.
  • Establishing trust between financial institutions and customers is important, and organizations must handle and store data ethically to foster customer engagement and increase the uptake of credit products.

Overall, big data has transformed the financial services industry in India, enabling more personalized products, better decision-making, and improved customer experiences.