The Fintech ecosystem of India has gained significance with extensive efforts from startups, financial institutions, venture capitalists and regulators, the government, in creating a favorable setting for Fintech innovation that has contributed to collaboration.
Below are some of the hottest Fintech products that are fueling India’s Fintech revolution:
Fintech has created a platform for India’s various digital insurance brands and has provided an arena that combines and chooses deals from across the industry. Life insurance policies are now mostly accounted for with the help of Fintech and transactions to the tune of almost 300000 per month are being processed through it.
The technology also provides entrepreneurs easy access to working capital finance options. This digital platform employs big data analysis and technology tools to generate a more resourceful and effective way to assess one’s creditworthiness.
Fintech has also come up with a digitalized lending platform for consumers that give them credit in a customized manner. Some companies in India have adopted their custom-made credit line, which is just like a personal loan that can be utilized to make instant online or offline purchases through affordable EMI plans.
Today, Fintech has been adopted by many companies as a digital payment and financial services platform with a view to providing customers a Smartphone-based digital wallet and payment system. Most of these companies have a customer base of over 100 million each and some have even started offering digital insurance on its app with a goal to sell millions of policies during a fiscal year. There are companies too that have entered the wealth management space with the help of this technology by providing an online mutual fund platform.
Companies have started offering digital lending services, financial loans and credit to case-specific businesses and potential borrowers. Among the best-funded Fintech startups in India, some companies have also started providing a mobile app that allows customers to track their spending and manage their finances.
Also read: Why Fintech Will Be the Big Player
Due to the emergence of an online financial marketplace, customers are now able to get personalized rate quotes on loans, or personal finance products like credit card offers, bank loans, and insurance policies.
Even non-banking finance companies have also resorted to providing home loans, consumer loans, small and medium-sized enterprise (SME) loans, two-wheeler loans and education loans. This platform uses data science and technology to provide simple, quick, and hassle-free loan.
Fintech has provided a digital platform that allows online business transactions through several multimode digital payment systems like credit cards, debit cards, UPI, net banking, and prepaid digital wallets. Today many companies claim to serve millions and millions of SMEs.
Fintech startups have also come up with an online tax returns filing portal for businesses and individuals while some allow consumers to purchase products online using digital EMIs. Risk profiling of e-commerce consumers is carried out by the usage of AI and ML technology.
Today Fintech players are constantly disrupting, challenging, and reconstituting the traditional business models and this powerful merger between financial services and technology is set to further revolutionize the industry in India.