Navi Founder: Data Privacy Without Utility Is Pointless
Navi founder Sachin Bansal criticized excessive data privacy at the Global Fintech Fest, arguing that data must serve the customer, not just be protected.
Navi fintech startup founder Sachin Bansal stated that data privacy which locks customer data into useless silos is "pointless" at the Global Fintech Fest 2026. Bansal argued that data must primarily serve the customer and provide value, rather than simply being protected.
Bansal's remarks intensify the debate between strict data privacy regulations and India's push for consent-based, interoperable financial data flows. He clarified that while privacy is important, data ownership is meaningful only if the data can be used to improve the customer's life. "Customers don’t care about ownership of data. Customers care about their needs," Bansal said.
Bansal compared the situation to personalizing YouTube video feeds, questioning whether it constitutes personalization or manipulation. However, he expressed confidence that consumers can detect if they are being misled and will move away from dissatisfying services. "Consumers are king, essentially," he stated, while acknowledging that regulation may still be necessary in some cases.
During the event, Navi also announced a new UPI payment switch developed with IndusInd Bank to enhance UPI payment performance and scalability. The company is also preparing for a new Initial Public Offering (IPO), aiming to list within the next 12 to 18 months.