Productivity Is No Longer About Working Hours, But Output: Fintech Experts
Due to their creative use of technology and data-driven solutions, fintech companies are very productive, providing quicker and more effective financial services. They improve client experience while boosting operational efficiency and scalability by reducing procedures and offering practical digital platforms.
While speaking at 3rd edition of BW Businessworld Festival of Fintech, Karan Batra, COO, Fisdom, says, "Productivity is not about how many hours you put in, it is more about what your output is."
He further explained how in the pre-pandemic era, productivity was often associated with the number of hours spent physically present at the office, with visibility to managers being a key factor. However, the point of view changed post pandemic.
“I say flexibility earlier when somebody says that I’m working from home, first thought that he/she is not working. But now it changed, the trust factor has come in from both employees and employers. Now, productivity is not about how many hours you put in, it is more about what is your output,” Batra adds.
Productivity refers to the efficiency and effectiveness with which resources are utilised to produce goods or services. Higher productivity leads to economic growth, competitiveness, and improved living standards. Explaining the nature of productivity, Mohan Sushantam, Chief Data Officer, Vivriti Capital, states, "For everyone, the meaning of productivity will be different, and such segmentation is necessary."
He adds, "Genuine effort deserves recognition, but it should be weighed alongside the ultimate outcome achieved." Sushantam further stressed that productivity cannot be measured solely by numbers, it must be closely linked to the business outcome.
Oping along the same lines, Anandapadmanabhan Ramabhadran, Head- Business and Growth, Zolve, mentions that effort serves as a necessary hygiene factor, ensuring the smooth functioning of operations. However, decisions must be driven by the ultimate business outcomes.
Traditionally, outcome has always been linked to the amount of effort an individual puts in. However, with the advancement of technology, Jatin Bhasin, CPO of Axio (formerly Capital Float), believes that AI is going to take productivity to the next level. He says, "We have to start embracing it, and I feel that many of us cannot even imagine the revolution it will bring."
Fintech productivity's potential for streamlining financial services, enhancing client experiences, and increasing operational effectiveness is promising. Fintech companies are in a position to modernise the sector and spur economic growth drive by advances in automation, artificial intelligence, and data analytics.
