Big Data is Redefining Virtually in Every Aspect of Financial Services Industry-Vaibhav Lodha

In Interviews, Technology

ftcash is one of India’s fastest growing financial technology venture, recognized by Forbes, which aims to empower micro-merchants and small businesses through financial inclusion using digital payments and loans.
ftcash provides a software and hardware based full-stack payment solution to small merchants to initiate digital payments in less than 5 minutes.

Mr. Vaibhav Lodha is the Co-founder of ftcash. Vaibhav has spent last decade working at the intersection of entrepreneurship, technology, and policy across 7 countries and 23 states in India. Previously, Vaibhav was a Director, Global Development at XPRIZE, leading the first global prize that targets the problem of access to water. He has been associated with The World Bank where he advised the Government of India on the institutional framework for a project worth $1 billion. Vaibhav started his professional career as a management consultant where he consulted several Fortune 50 clients.

In an interaction with Techxty, Vaibhav Lodha talks about the transformations that new technologies are bringing in the financial services industry. Read On!

Tell us something about yourself and what does your company do?

ftcash is one of India’s fastest-growing financial technology ventures, recognized by Forbes, which aims to empower micro-merchants and small businesses through financial inclusion using digital payments and loans. ftcash provides software and hardware-based full-stack payment solution to small merchants to initiate digital payments in less than 5 minutes. In addition, ftcash uses its proprietary algorithm to understand the credit-worthiness using their transaction flow data on the payments platform along with several other data points including psychometric analysis, which can be leveraged to provide these underserved SMEs with institutional finance. After disbursement of loans, the collections are done using the payments platform for their future receivables.

How Artificial Intelligence is revolutionizing financial industry?

Artificial intelligence is fundamentally changing the dynamics of financial services. It is weakening the incumbent financial institutions and opening doors to new operating models and competitive dynamics that will benefit customers and institutions focused on the scale and use of data much more than the use of capital. Some examples include:

• Institutions will turn AI-enabled back-office operations into external services, for eg: chatbots, both accelerating the rate at which these services improve.
• Future customer experiences will be centered around AI, which automates and improves much of customers’ financial outcomes and lives.
• AI reduces search and comparison costs for customers, read PolicyBazaar, etc. It will help amplify returns for large-scale players and creating new opportunities for agile innovators
• Talent transformation will be the most challenging speed limit on institutions’ implementations of AI, putting at risk the competitive positioning of firms and geographies that fail to effectively transition talent alongside technology

Is Blockchain a utility to financial transactions? How?

Blockchain, as a pure platform technology, may be able to cut out the middlemen everywhere. In the present financial services business model, a central ledger most often acts as the custodian of that information. But in a blockchain world, the information regarding each transaction is transparently held in a digitally shared database in the cloud, without a single central body acting as the middleman. This lack of central authority is the very feature that is turning the current mental and business models of traditional financial institutions on their heads. For example, if a secure distributed ledger is used to store validated ‘know your customer’ data on individuals or companies. It’s a potential global application that can provide more security over identity data and where that data is stored.

How big data analytics is helping you to manage 360 degree integrated client services?

Big data is redefining virtually in every aspect of our financial services industry, loan opportunities included. Data analytics helps us locate and target the right people for offers for financial products by picking up on signals based on their behaviour and life events. Data analytics gives in-depth insights into customer behaviour, so we can target customers and potential customers with marketing campaigns that are relevant and timely. By offering ways to meet their needs before they’ve even voiced those needs, we are creating a powerful relationship with our customer, who feels understood.

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