Top 10 Services of Fintech Companies in India
Fintech: The Basics
Fintech (Financial Technology)?– are firms that help consumers and financial institutions enhance old services and create automated financial solutions. The services include wealth management, insurance, payment gateways and alternative credit scoring, among other financial services.
The expansion of?Fintech companies in India?has been revolutionary. India saw a spurt in the number of?Fintech startups?between 2010 and 2015, with 1216 new startups emerging in the market. In 2021, Indian?Fintech ecosystem?stood at $31 billion, becoming the third largest Fintech market in the world.?
With digitization leading us toward a cashless economy,?Fintech startups?have made it possible for customers to avail virtual financial services that are easily accessible, cheaper and quicker. New startups are emerging at a fast pace to enhance the quality of banking and other services, not just for the consumer, but also for organizations.
Top services offered by Fintechs in India
The services provided by these startups have helped customers and existing merchants create an ecosystem of shared resources and profits
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Here’s a low-down on the top most services provided by these companies.
Digital Lending
Digital lending is a form of loaning funds through online applications. The flexibility and efficiency of applying for loans via phone has become popular in comparison to the thorough physical processes at the banks. This is a highly employed method of lending in India, with a 2020 report showing an 87% increase in the adoption rate.
AI, ML and Data Analytics tools are being employed to tap into user behavior and patterns. In areas where these services cannot reach due to the lack of development, there, DSAs are being employed. A Direct Sales Agent works as a mediator between the borrower and the lenders and helps them connect online. Measures by the government have also helped digital lending platforms to operate safely and protect the customers’ information.
The digital players have also categorized their loan sizes to suit the diversity of the population. Micro and short-term loans help people with lower income levels to purchase loans.
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