Avinash Godkhindi, MD & CEO, Zaggle and Ashish Tiwari, Head-Engineering, Niyo joined in for a panel discussion to share their viewpoint as to how Neo Banking Infrastructure Changing the Banking User Experience
The growth in the digital banking segment has stirred the disruption in the overall finance sector by providing services to the customers at their ease, and seamless convenience. Neo banking has totally transformed the landscape where the whole idea of banks has changed and similarly many financial institutions are re-thinking the way of doing business.
BW Businessworld successfully organized the Festival of FINTECH Conclave and Awards in association with BW Disrupt. Avinash Godkhindi, MD & CEO, Zaggle and Ashish Tiwari, Head-Engineering, Niyo joined in for a panel discussion to share their viewpoint as to how Neo Banking Infrastructure Changing the Banking User Experience and the session was chaired by Noor Warsia, Group Editorial Director, BW Businessworld & Digital MarketAsia, BW Businessworld
Neo Banking is significantly taking over the FinTech in India and also on global levels. Explaining the landscape of banks and the role of Neo banking further; Avinash Godkhindi, MD & CEO, Zaggle states, “Banks have realized that their core competence is to manage risk, to build trust with the consumer and not necessarily to create the most phenomenal cutting edge user experience. Most of the Neo Banks are trying to step in and fill this void.”
UPI is a beautiful interface and wonderfully created by NPCI and yet a lot of us are using Paytm Google pay, PhonePe and the reason behind is user experience. As a consumer, you want a simpler interface, more comfortable, more intuitive and Neo banks see the gap to fill and opportunity to create something and that’s the reason for consumers to take up the neo bank’s facilities which is up to their demands.
Discussing the most concerning area for a consumer which is data security; Ashish Tiwari, Head-Engineering, Niyo opens up and shared the efforts of companies to give the best user experience along with ensuring the top security for their data. Most of these Neo banks have the arrow of security options that customers are not aware of and it is not impacting the customer’s experience.
The right balance between customer experience and security of data, for example, Google pay most of the users to feel secured because it asks your biometric all the time which eventually establishes trust with the customer. Tiwari asserts, “Most of the companies are bringing in two-phase authentication for critical functionalities and not for everything. Neo banks are working to serve the best UX and to make security checks least annoying for the customers.
Concluding the power-packed panel discussion; Noor Warsia summed up the discussion along with sharing the key takeaways from the discussion, she said, “Neo Banks did rise because of the gaps and flaws in the traditional banking systems and definitely there was a parallel growth of the consumers who are absolutely looking at these kinds of changes whether it is individual, SMEs, or larger corporates.”
Source: Business World