‘The Indian Fintech Sector Is Going To Reach A Marketsize Of $1 Tn By 2023’
Says Zafar Imam, lead, Oppo Kash. OPPO Kash has 6 offerings – save, borrow, insure, pay, educate and first time in India, financial well-being.
The focus of the company is on having a meaningful and long-term relationships with the
customers and supporting their financial freedom. The OPPO Kash app will be pre-installed in all OPPO devices, in addition to being available for download on Android.
How is the fintech sector performing during such turbulent times? Zafar Imam tells us more.
Do you think the fintech sector has been greatly affected due to the pandemic?
India’s fintech sector has achieved immense progress over the past few years thanks to the advent of technology, and it is only expected to expand further. The fintech sector in India is expected to reach a market size of USD 1 trillion by 2023. In the wake of the coronavirus crisis that the world is currently dealing with, the fintech sector is witnessing a gradual, yet seemingly permanent shift towards digital payment solutions. The usage of digital modes to make transaction has gained more significance considering lockdown. The RBI has also requested the bank customers to adopt digital payment methods in place of cash in order to limit their exposure to the virus. The digital payment is also safe and convenient and hence more and more people are adopting it.
What customer preferences is Oppo Kash looking forward to addressing?
Thankfully, we have a large existing customer base and strong physical footprint across India. Whatever we build, it is the customer who always comes first. We have always strived to ensure that our users can avail of all financial services under one umbrella. This led to the creation of our platform where users can fulfil their varying financial needs viz. savings, borrowing, insurance, individual credit score etc. with just a few clicks. Saving and investments are always helpful in the long run. Our mutual fund product, especially the Freedom SIP allows the customer to invest according to his capacity and goal, making us the first mobile company to distribute mutual fund on the device.
What is the latest mode of technology that you are adhering by?
Our focus will always be to enhance the user experience of our app. We are using all available technologies, Machine learning, Artificial intelligence, Data analytics, etc and keep on innovating here to make customer journey smooth and delightful.
How important do you think it is for people to rely on technology? Are there any major follies per se?
Technology has become an integral part of our lives today. We spend our entire day with technology. It is ever-evolving and has enabled us to perform even the most complex tasks with a few clicks of a button on our smartphones and computers. It has become essential for us to rely on technology to a certain extent. It connects us with other individuals on a personal and professional level. More importantly, it helps us manage our day-to-day tasks almost effortlessly. Technology is more or less a vehicle helping us navigate through everyday tasks but it would always need human intervention to strike a balance.
How are you looking forward to extending a hand towards the SMEs and MSMEs?
A few years down the line, we will be introducing more innovative products on our mobile application. We want our customers to be fully aware of all the financial services available in the country. Currently, we are focusing on offering the best-in-class services to our customers and enable them to carry out any transaction given the lockdown. We are also focusing on continuing our friendly approach towards the SMEs and MSMEs.
How is it important to gauge the customers’ needs and act accordingly?
It is always important to read your customer and their needs before implementing any product or service. Customers are what make any business go on and understanding their requirements will only help you progress further. Create as many opportunities for yourself and your business since opportunities are not handed to you, you create them. Even in the current scenario, there are lot of opportunities that needs to be picked up smartly. Lastly, Success and failures are sisters. Failures are an important part of your journey to success.
