Introduction
In this episode of Leading with Data, Kunal Jain engages in conversation with Naveen Kukreja, CEO of Paisabazaar. Reveal the secrets behind Naveen’s remarkable career, from navigating the domains of banking and financial services to pioneering data-centric strategies in India’s changing digital landscape. Join us as we decode the transformative power of data in business through Naveen’s experiences and leadership at Paisabazaar.
Key ideas
- Adopting a data-centric business model is challenging but essential for modern decision-making.
- Business growth depends on adapting to digital transformations and leveraging initiatives like India Stack.
- The importance of data science amplifies as companies scale, particularly in tailoring products/services to consumer needs.
- Public listing instils discipline and transparency and influences a balanced approach to growth and profitability.
- Effective leadership in a data-driven organization requires a harmonious combination of intuition and data-driven decision making.
- The future of business is shaped by the profound influence of ai and ML, emphasizing the need for flexibility and upskilling.
- Transitioning to data analytics requires hands-on experience and a strong technical team.
- Personal interests and continuous learning contribute to a new perspective, fostering professional growth.
Can you share how you got into banking, financial services and analytics?
I accidentally came across banking and financial services during my internship at IIM Calcutta campus. My interest was in consumer behavior and marketing, but Citibank changed my career path. My real introduction to analytics came at Capital One in the UK, where data-driven decision making was an integral part of the business, a stark contrast to India’s developing digital landscape in the early 2000s.
How did you adapt to an Aata-centric environment at Capital One?
The transition was challenging but invaluable. I moved from Citibank to Capital One to deepen my understanding of the credit card business and learn new skills in a digitally mature market. Managing a team of analysts with no experience in data analysis was difficult. Still, it honed my decision-making skills and taught me the importance of data in driving business results.
What prompted your return to India and entry into the insurance industry?
The global financial crisis of 2007 and 2009 made me reconsider my career path. Capital One faced tough times and I saw an opportunity in India’s growing insurance sector. At Aviva, I set up analytics and cross-selling functions from scratch, which was exciting and aligned with my strengths.
How did your experience at Aviva lead to the creation of Paisabazaar?
Digital was becoming a major force in India and while leading Aviva’s digital business, I partnered with Policybazaar, a key player in our growth. The potential for a financial market in India, similar to mature markets like the UK, was evident. I joined Policybazaar to establish Paisabazaar as a leading credit marketplace.
Can you describe the journey of scaling Paisabazaar to 4000+ employees from scratch?
It has been a humbling and rewarding experience. Our success is based on the Indian consumer’s need to compare products and make informed decisions. The digital revolution, government initiatives like India Stack and the stability of our leadership team have been instrumental. We have also benefited from the right partnerships and a focus on providing impartial financial advice.
How has the decision to go public influenced the growth of Paisabazaar?
Going public has brought discipline and transparency to our operations. It has shifted our focus toward balancing growth with profitability and freed us from worrying about data sharing. The public listing is a testament to the sustainability of our business model.
When did you start integrating explicit data science practices into Paisabazaar?
About a year and a half into our journey, we recognized the need for advanced data analytics to connect consumers with the right lenders. The launch of our free credit scoring product further amplified the need for a robust data infrastructure as we deal with massive amounts of data.
What impact has data science had on Paisabazaar’s operations?
Data science has been instrumental in improving our efficiency and effectiveness. It has helped us understand consumer behavior, optimize our associate and customer interactions, and develop personalized financial products. We are now exploring machine learning to analyze voice data from customer interactions, which holds immense potential for insights and fraud detection.
How has your leadership style evolved with the growth of Paisabazaar?
My leadership style has always been consumer-centric, but my exposure to data analytics at Capital One has been a game-changer. I encourage a data-driven approach to decision making and conflict resolution. Even in areas like brand marketing, we have successfully integrated data analytics to measure the impact of our campaigns in real time.
<h2 class="wp-block-heading" id="h-with-the-rapid-advancements-in-ai-and-ml-what-are-your-thoughts-on-the-future-of-data-in-business”>With rapid advances in ai and ML, what do you think about the future of data in enterprises?
The ai and machine learning revolution could be as transformative as the iPhone was for smartphones. Flexibility, upskilling and attracting talent to take advantage of these technologies are crucial. While Big tech currently dominates the ai space, partnerships with companies like Microsoft on Azure are helping us prepare for the future.
What advice do you have for professionals transitioning into data analytics or business leadership roles?
For those aspiring to become analytics leaders, there’s nothing better than getting your hands dirty with coding and data. Surround yourself with technically competent team members to fill any gaps. For business leaders, understanding and using data is no longer optional – it is imperative to remain competitive.
Outside of work, what do you like to do?
As a spectator and participant, I am a sports enthusiast and am currently working on improving my golf game. I also enjoy mentoring young entrepreneurs and startup enthusiasts, which is mutually beneficial. Reading (or listening to audiobooks on Audible) is another way I like to broaden my perspective on various topics.
summarizing
Naveen Kukreja’s journey is a beacon for aspiring leaders and data enthusiasts. From the pivotal role of data science in scaling Paisabazaar to the profound impact of IPO on business operations, Naveen shares invaluable insights. He explores the fusion of leadership, technology and consumer focus, demonstrating that the future of business lies in the seamless integration of ai and machine learning.
Join us on the next episode of Leading with data as we continue to unravel the narratives of the leaders shaping the future of the data-driven world.
