Ever since the demonetization announcement in November 2016, India has seen a revolution in the fintech industry. The temporary cash crunch brought with it a boom in the digital transactions and innovation which had never been witnessed before in India.
Financial institutions such as banks, NBFCs, fintech start-ups etc. have turned their focus towards developing more robust digital channels for facilitating the needs of the new-age customers who prefer the digital way of banking over traditional branch banking. Not only have the institutions started developing their own digital products but they are aggressively taking the route of forming strategic alliances to service the customers better.
For e.g. traditional banks apart from providing digital banking services have either acquired or formed alliances with new-age fintech start-ups leveraging their advanced technology to bridge the gaps which they themselves could not service. These collaborations will certainly benefit and take care of the needs of customers in the coming years.
Digital Lending: Fintech’s Favourite Space
One of the domains where the Indian financial industry is currently bullish is digital lending. India, which is still a cash-based economy foresees a huge opportunity in the digital lending market which means there is a tremendous scope of growth in this space. The Boston Consulting Group estimates that because of the recent developments in the fintech industry, India’s lending market has a $1 Tn (approx INR 69.6 trillion) opportunity in the next 5 years.
Also, digital lending has boosted financial inclusion, especially helping borrowers otherwise unlikely to benefit from formal finance. Digital lending could also benefit a host of people and sectors including self-employed, small and micro enterprises and small borrowers deemed uneconomical by the formal sector. Hence, digital lending will not only ease out the financing process for the customers but will also help such people improve their lives.
Finserv MARKETS offer a variety of digital lending products which have become a preferred destination for all kind of customers due to its quick disbursal, flexible repayment options, hassle-free and seamless online application process. Finserv MARKETS provide customers with 500+ financial and lifestyle products to choose from such as Personals Loans, Business Loans, Loan against Property, Professional Loan, Car Loan etc. It provides a fast, online paperless service experience through its digital channel. Finserv MARKETS is a one-stop destination for all the financial needs of an individual and provides a unique digital experience to the customer.
With these lessons, you can churn your investment portfolio or start one if you don’t have any. Finserv MARKETS can help you, whether it is investment options you are looking for or an individual health insurance plan