Banks and fintechs must build products that make peoples lives easier: NPCI’s Dilip Asbe
Banks and fintech firms must consistently make efforts to service the growing payments, insurance, and credit markets in India, which require innovative products, said Dilip Asbe.
Banks and fintechs must build products that make people's lives easier, and India—with its 1.4 billion population—has massive room for more financial services adoption, said Dilip Asbe, MD and CEO of the National Payments Corporation of India (NPCI).
At TechSparks Mumbai, he urged fintechs to look at building in niche areas with the help of the Reserve Bank of India's regulatory sandbox. “However, it’s important to not try to do everything. Find your niche and focus on that.”
According to Asbe, payments, insurance, and credit are three sectors showing promising growth. Financial players must work consistently towards creating innovative products to service the burgeoning demand, the NPCI CEO said during a fireside chat on Friday.
"The sky is the limit," when it comes to innovation in the fintech sector, Asbe said.
“The players must start thinking about how we can service this growing market,” he added.
Corporate governance
When companies manage someone else’s money, the regulators, citizens, and the government expect them to behave responsibly, Asbe said as he spoke on the growing need for corporate governance.
He noted that the regulators have issued several circulars regarding governance in cybersecurity and IT systems and processes, among others, indicating the importance of checks and balances.
“It is important to be compliant and vigilant of potential governance issues,” Asbe said.
Edited by Suman Singh