About the Industry 

BFSI and NBFC are two completely different entities but their main objective is working with finance. BFSI offers only banking facilities whereas NBFC offers other business as well. They are governed by private and public companies. 

Industry Challenges

The financial industry has grown exponentially in India. There are a few challenges encountered by the industry with the growth and competition.

Both BFSI AND NBFC are growing rapidly, but have a few challenges. They are as listed below. 

• Increasing competition – Since the industry is growing rapidly, there are many evolving institutes. This is bringing in benefits along with competition. 
• Regulatory compliance – Each time, the banking regulations are changing and they will have to keep updating themselves each day. This may be a barrier in the industry. 
• Changing business models – With changing regulations, business models are changing as well. One needs to be ready to change and evolve in the industry. 
• Customer expectations – With the increasing competition, the expectations grow rapidly. The industry will have to bring in new schemes to satisfy their customers.  
• Customer retention – Customer expectation is directly related to customer retention. With the benefits, one can retain their customers. 
• Security challenges – Financial institutions demand for security. This is one of the main issues after digitalization of banking institutions. 
• Digital innovation technology – Digital innovation calls for competition. They make the users’ lives easier and difficult at the same time. 

All the above mentioned challenges are inter related and can be solved with some practices. 

Provide consistent customer experiences

Google Forms can be used in place of normal forms to get feedback from your customers. They will be able to fill in the form  with a few clicks. While the company will no longer have to work with the numbers manually. Google Sheets has got it covered and all these details will be readily available on sheets. This can be shared to the team and can also assess the results with the help of graphs, pie charts, infographics and other easy to understand sources. 

All this data is protected and easily accessible for the ones who have been assigned to it. 

Google Meet will be used to have all these details discussed with your team and in turn bring about changes. The documents can be presented and can be discussed with real time experience. 

Google Chat is the one on one messaging application that can cut down the usage of third party applications. Threads can be created on the chat relating to a specific topic. Different threads can be created and thus can reduce confusions. Spaces is the group chat application that enables the team members to have a brainstorming session. 

Maintain competitiveness in the fintech age

India is one of the vibrant economies today. The fintech companies are rapidly growing. This is one of the bases for financial growth of the nation. 

Keep up with technological advancements

Creative collaboration is the main aim of Google Workspace. All applications are helpful in creating a collaborative work environment as they have a shortcut to Google Meet. The files can be shared using google groups where all the team members can view and access them. 

Collaboration is the key to productivity. In the recent past, industries have discovered a creative approach to this. One such collaboration is with Google Workspace. The digital space enables you to collaborate virtually anywhere. Thanks to the hybrid mode that has helped in reaching out to all with real time collaboration. Google Meet, a virtual meeting application helps you connect with your team virtually. It is irrespective of time, place and storage. Office applications such as Google Docs, Google Sheets and Google Slides can access Google Meet with a tap of a button. With the shortcut available, you will be able to access it without leaving the file you are working on. All the files can be shared in an organized way on Google Drive. 

With Google Docs, grammatical errors can be seen off without having a third party application. Google Docs also has a version history that keeps note of all the changes made in the document. They can be renamed and shared either online or offline. The application can be accessed on the browser on any device at any time and anywhere. 

Creating a proposal with Google Slides can be easy with the various templates available. One of the authors can make a template and send it across to the team where the others can work collaboratively. This creative presentation can be used for business proposals, project presentations and also for review. 

Protect data breaching and provide cyber-security 

Google uses only personal information such as name and password to grant access. Other than that, Google does not have any hold on your personal information. The terms you search will be analyzed and will suggest advertisements related to your taste. The user will be able to change this as per requirements. 

• The anti-hijacking feature like 2-step authentication and single sign on(SSO) option will secure the device providing additional security. 
• Users will be able to use their Google account details without re-entering their credentials.  
• The users will be able to synchronize their device passwords with their Google account. 
• Google Workspace and device management together will be able to secure your data. 
• The administrator will have the access to permit or restrict users from accessing the files. 

Control and simplify the IT infrastructure

The user will be able to allow or restrict access to anybody. Google does not take any information without the user’s permission. Even though the ads are based on your search history, it can be modified as per the users’ requirements. Users can access their Google account on various devices. With this, anti-hacking features like 2-step verification process and login challenges are included.

Google account comes with an in-built security designed to detect and block threats that are caused to the documents. Users can also browse privately like the incognito mode on Google Chrome. Google does not take your content to advertise the user’s product. The information gathered is with respect to the IP address, device type, location, date and time of usage, crash reports and system activities. Except for this information, Google does not take any other personal information.