Bank customers in India have traditionally visited branches for opening an account, getting loans, insurance, investments and wealth management. This is changing fast as we can see that the consumer FinTech startups (B2C non-bank companies) shown in the simple infographic below are empowering customers to take charge of their finances. In the next five years, we will see a lot of new digital banking experiences as the focus shifts from banks as the sole providers of such services to banking as a service.
FinTech is disrupting consumer finance by providing people better access to spending, credit and investing information for them to make rational decisions. They are increasingly focusing on customer experience (better design, data flows, less clutter, fewer steps, cloud, mobility and more) which acts as a differentiator compared to banks. FinTech startups’ efforts are focused on simplifying and innovating transactions in the digital platform so that they can rapidly change the way customers are transacting.
In many cases, FinTech startups are providing customers access to finances at lower rates compared to traditional banks/FIs and are reducing the friction of engaging in financial transactions.
Note: This is not an exhaustive list and we may have missed out some startups. It is purely unintentional and we would be happy to include any such suggestions in the future.
As the majority of the Indian Internet population are millennials; they are demanding and naturally use technology centred around Internet and mobile technology. They are keener on experiences and seek innovative products and services which reduce their time and effort to make payments. Millennials are continuously looking for products and services that empower them to satisfy their demands in few clicks. Therefore, the FinTech startups shown above have a promising opportunity to grow successfully in the Indian market. Please note that a more elaborate list of FinTech startups which cater to both B2C and B2B customers can be found here on our website.