Regulatory compliance key to consumer protection

Fintech leaders and industry experts emphasized the crucial role of regulatory compliance in ensuring consumer protection and fostering long-term business success.

- AATHIRA VARIER & JADEN MATHEW PAUL

While compliance may incur costs, it strengthens consumer trust and safeguards data security in an era when customers increasingly demand faster service, said panelists at the BS BFSI Summit.

During a panel discussion titled "Navigating the Future of Financial Services in India: Tech Road Map," experts pointed out that today's consumers define trust as more than just brand reputation and governance—they expect seamless, successful transaction experiences.

The speakers highlighted a trend among younger consumers, termed the "Blinkit Generation," who are more demanding and seek rapid, efficient service.

"Nobody likes to part with money without having established trust and credibility...In the last 20 years or so, when I started my career, trust was defined by conduct, trust was defined by the brand, trust was defined by governance. Today, trust means all of that, but also trust means that if you push a button, the transaction should go through end-to-end," said Girish Krishnan, director, Payments and Merchant Services, Amazon Pay India.

Krishnan said this "Blinkit Generation" also maps how the customer experiences are evolving because this building block fundamentally has changed the game for businesses.