Fintechs have revolutionised the financial services landscape through technology-driven innovation, fostering accessibility, efficiency, and inclusivity. Despite success, they face challenges that require attention. Drawing from these experiences, a new roadmap for fintech in India is emerging, addressing untapped sectors, fostering partnerships with traditional financial institutions, and emphasizing governance and compliance.
Praxis Global Alliance, a global management consultancy, has launched a report titled “India Fintech: Time to Reflect & Renew” which underscores the importance of the fintech landscape in India, the report also deep dives into different personas and key highlights of the sector.
Here are the key highlights of the report
Digital lending market in India has grown at 33% CAGR from FY19-23, reaching INR 2,905 K Cr in FY23
Fintech lending players have leveraged AI/ML technologies t o incorporate advanced underwriting models, enabling faster and more accurate credit assessment
As per the report, this next generation of fintech, referred to as Fintech Reloaded, is positioned to bring significant changes to the financial services industry also it shows that how Rapid adoption of UPI An(Unified Payments Interface) by fintech, has revolutionized
peer-to-peer payments in India.
These fintech would focus on five key personas:
-Value chain specialists: Focusing on specific aspects of the value chain to address deep-rooted industry challenges.
-Re-engineering the tech core: Prioritising back-end transformation to enhance operational efficiency.
-Cutting-edge tech plays: Leveraging new technologies like AI, ML, and blockchain to revolutionise financial services.
-Tech-fins: Tech companies integrating financial services technology into their products, leveraging their existing customer base to offer seamless and tailored fintech solutions.
-Niche plays: Offering specialised products tailored to specific customer segments, meeting unique needs with highly customised offerings.
Commenting on the launch of the report, Mr Madhur Singhal, Managing Partner, Financial Services, Praxis Global Alliance said “India is witnessing a boom in the Fintech startups in the country, amidst which various challenges have risen providing an overall growth opportunities for the sector. This report provides an opportunity to understand the technology-driven financial services landscape, which helps the stakeholders analyze and bring value to the ecosystem”
Commenting on the launch, Mr Anil Jaggia, Practioner Partner, Financial Services said “ Fintechs have revolutionized the financial services landscape through technology-driven innovation, fostering accessibility, efficiency, and inclusivity. Despite their success, they face challenges that require attention. With the launch of this report, we aim to cultivate learnings that have emerged and could form the basis of the fintech roadmap for India.