India has seen exponential growth in terms of digital services adoption, and financial services have been at the forefront of this innovation and change. India’s FIs and FinTechs have come together to create a phenomenal ecosystem of collaboration, creating a symbiotic relationship and fostering improved banking services and financial inclusion for the underbanked. IndiaStack has played a catalytic role in this digital foundation and evolution.
IndiaStack has acted as a disruptive force as well as reinvented the wheel to build new processes and provide a low-cost digital push. There have been significant benefits such as lower cost of transactions, lower onboarding costs for businesses, providing a broad-based & ubiquitous platform, and personalized offerings at scale – allowing new businesses, developers, enterprises, and the government to build their digital footprint in the country. IndiaStack enables businesses to tap into customer segments that were previously out of reach. In the future, a range of different digitally verifiable identity systems will continue to evolve.
This report by MEDICI explores IndiaStack’s vision and milestones so far. It delves into success stories from the massive ecosystem that has used IndiaStack to build unique technological solutions. The report also discusses the future for Indian banking and the opportunities yet to be explored, given the plug-and-play mechanism that the government has created and continues to create for the entire banking and FinTech ecosystem.