It's time for evangelising fintech governance

New-age lenders reached out to new segments that were largely overlooked and unaddressed, even as more customers turned to them for their need for niche products and convenience

Customer empowerment — commonly known as customer protection — boils down to five fundamental principles in the lending world: fair treatment; offer of suitable and affordable products; loans on clear terms and conditions; privacy and security of information; and adequate complaint redress. 
 

Over time, an evolving body of principles, rules and standards, and outcome-based approaches has brought increasing attention to customer protection. Still, market conduct needs to see better adoption.
 

Fintech lending, while creating a new market from scratch, brought a refreshing approach to the customer-protection narrative. The passion for delighting customers (beyond a privileged minority) with new products and