Right from Lending to Investment Advisory and Wealth Management to Insurance, Finway Capital offers a holistic financial platform to individuals and small businesses. This unconventional NBFC deals in both Secured and Unsecured products, which are strategically moulded as per the needs of market and customers. Finway Capital is an organisation that motivates people to fulfill their dreams, which otherwise would be difficult to achieve due to the inaccessibility to right financial consulting and solutions.
Rachit Chawla is the CEO of Finway. In an interaction with The Tech Pod, Rachit speaks about the future of Big Data in financial sector. Read more!
Tell us something about yourself and what does your company do?
Finway is a new-age financial services platform. We provide all sorts of financial services, but with technology and innovation at the heart of everything we do. So, ideally, when we talk about the loans, we provide all sorts of technology driven loans with all the fintech companies. When it comes to investment, we perform all sorts of algorithmic trading – in the new-age style. From lending to Investment Advisory, and Wealth Management to Insurance, Finway Capital offers a holistic financial platform to individuals and small businesses. As an unconventional NBFC, we deal in both secured and unsecured products, which are strategically moulded as per the needs of the market and the customers. Finway Capital is an organisation that motivates people to fulfil their dreams, which, otherwise, would be difficult to achieve due to the inaccessibility to right financial consulting and solutions.
Our vision is to be the most competent, honest and transparent financial services company of India for individuals and SME’s. Our goal is to unite people and entrepreneurial ideas to create opportunities for a better world. There are so many challenges facing the world today, but we believe that by bringing the right people together and taking an entrepreneurial approach, we can create a positive change. Our work is divided into 4 areas:
- 1. Changing business for good.
- 2. Market solutions to address climate change and conserve our natural resources.
- 3. The power of entrepreneurs.
- 4. Human dignity.
We know we can’t change the world on our own, so we bring together entrepreneurs, philanthropists and inspirational leaders and then we collaborate for good. We want to form a powerful global community that is able to drive change.
How is big data and IoT evolving together?
In every single aspect, whether it is lending, insurance or investing, Finway financial services have relied heavily on big data, because big data actually guides and tells us what needs to be done, depending on the historical performances and the historical success rate. So, when it comes to loans, we have our own proprietary software which has IoT, big data, and artificial intelligence, in order to guide as soon as the need comes.
How can this need be satisfied because we have a tie-up with multiple financial institutions, ranging from B-2-B and NBFCs to big banks? It is only the big data that guides us. This kind of customer gets a loan from this kind of institution, because in the past, the same profile has been approved. A loan is just an example. But even in other aspects, this really helps. So, we are investing heavily in technology and big data specifically, because it makes the process more efficient and it is a win-win for customers as well as the companies. This way, we don’t have to hit and trial anymore.
How do analytical and logistical tools help your company advance?
They make the process simple. Earlier, all the decisions were made on the face value. But now, data is the key. Data guides us to take decisions that we take currently. There is no manual intervention, no biases and the only truth is the data. We have analytics at every single step in our company. We take into account the feedback from the customers or our agents, but we take decisions only on the basis of data, and this is driving the growth of the company and helps us maintain transparency in taking decisions.
How are you delivering solutions to your customers during the pandemic?
We are disbursing everything via the technological services we have invested in. There are other companies that are working as fintech and using technology which does not involve human intervention. It does not involve human meetings or face to face interaction. So, we are just working with those new-age, new banking kind of companies that are able to give the customers what they want without any touch-points. We are able to serve our customers even during the pandemic, only because we are working from home. We don’t need to be necessarily physically present in our offices, as everything is dependent on the servers which are on the ‘cloud’ and the software, which are totally proprietary and totally online.