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How Indian Banks Are Leapfrogging Global Counterparts in Collaborating With FinTech

The traditional financial service industry is in the midst of a digital transformation that is changing the façade of a century-old industry. New-age enterprises called FinTech startups are presenting a credible threat to incumbent banks who have taken cognizance of this new development. Banks are now opening up their operations to collaborate with FinTech startups to reach a far greater network with much more efficiency. India is at the cusp of this new development with a population of about 1.3 billion and an unbanked population of 233 million. This gives an immense fillip to bank-FinTech collaboration in India. We have covered some of the exciting bank-FinTech startup deals below:

IDFC Bank has partnered with IndiaLends to enable first-time borrowers who do not have a credit history to take loans. Through this process, IDFC is looking to tap unbanked market share and grow its lending portfolio. (February 2017)

Money lending app MoneyTap has launched an app-based credit line as a facility for consumers to borrow money at low interest rates for a flexible tenure, with deep integration with RBL bank.(September 2016)

Mobile payments startup PhonePe, in partnership with private lender YES BANK has launched unified payments interface-based payments app allowing users to link their bank accounts securely to their smartphone using National Payments Corpora ...

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