Looking at everything from the lens of Sustainability is the mantra now a days. Doing so, addresses most of the challenges faced by organisations & Individuals, and offers an approach for a better future for us all.
Let us therefore look at how FinTech’s help us realise a truly sustainable future.
To begin with Fintech’s are helping reduce carbon footprints through automation & digitisation. This will help reduce friction right from Customer acquisition, transaction & client servicing.
Solutions driven by IoT can facilitate better monitoring and optimisation, especially in Lending & Insurance. These devices can enable efficiencies in a tightly knit ecosystem.
Big Data & Analytics can help find meaningful insights to reduce inefficiencies, improve productivity, profitability & make a sustainable impact. They can also help us build sustainability scorecards and indices, which can be applied to various use cases.
Customers and Stakeholders can be well knit and integrated with communities and engaged with a variety of content, events & activities, so as to build a sustainable & beneficial relationship. This again will lead to reduced attrition (both customers & employees),
better engagement, long term relationships and will impact profitability positively. Such communities can be leveraged to create a marketplace too.
Same applies to customer services, where Automated services through chatbots, service related content, videos, infographics, better reporting, analytics etc. help reduce friction & customer complaints / queries.
As part of its Sustainability mandates, companies are expanding their community from Shareholders to Stakeholders. There is a need to thereby engage with the wider community, and build transparency and trust with them. Platforms driven by big data, analytics
& partnerships will enable this.
Fintech’s can also be used for incentivising / rewarding sustainable actions and behaviours by stakeholders.
As we have read, there are variety of use cases that can be addressed by sustainable Fintech Solutions. Insights on creating many such solutions are also discussed in 3F: Future Fintech Framework.
Happy to hear your thoughts if you have come across such Fintech solutions with Sustainability focus.