India’s financial hub has seen significant growth ever since its creation. Several startups joined the space and their numbers grew over time. Buoyed by supportive government policies, conducive regulatory environment, and the opportunity to address unmet financial needs of consumers, organizations in this space have been using technology to break new ground in the Indian finance industry.
Let’s see how.
- Paying it Forward With Digital Payments
The one area that has particularly attracted a large number of players, as well as proportionately high volumes of funding, is the domain of making payments. Enabled by the widespread adoption of mobile wallets, several finance organizations like Paytm, OlaMoney, etc. have chosen to specialize in prepaid instruments, bill payments, and payment gateways. These cashless solutions and platforms have addressed the yawning gap that exists across the globe for affordable, 24*7 digital payment options that require only a smartphone and internet.
New payment solutions are enabling a shift from predominantly cash-based to digital transactions. And, in the upcoming years, the financial startups in this space are expected to revolutionize the financial services industry through offline onboarding of new customers and making forays into the so-far deserved markets.
- Enabling Easy Loans for SMEs
Another leading domain that financial organizations are focusing on is lending. These offer small merchants, local entrepreneurs, and private individuals the advantage of access to money that traditional lenders and corporate banks fo not typically provide.
Similar to financial players in the payments domain, startups focused on providing lending solutions also specialize in reaching the underserved in smaller cities and sectors where there is a need for financial and credit guidance. A typical target group that these organizations cater to is merchants from the SME space. With the deep penetration of smartphones in smaller towns and cities and consequent access to digital information, small-scale enterprises with big ideas are upwardly mobile.
- Offering Insurance With a Difference
Financial startups in this space that focus on providing technology powered iterative insurance products aim to fulfil two primary objectives; first, to attract middle-classes to insurance providers by offering them personalized, cost-effective, and trustworthy solutions. Second, to create valuable insurance solutions for the unbanked and underinsured.
Bottom Line
As more and more consumers hop on to the financial bandwagon, it is clear that the financial landscape will undergo a marked shift from being dominated by a few big-ticket players to multiple nimble, innovative financial service providers. This not only promises to break the monopoly that a few established organizations have had on payments, lending and insurance but also democratise and expand the reach of financial services.
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