#BuildingForTheFuture- Understanding the changing landscape of FinTech in India (Episode 1)
Given the dynamics of the Indian population, the adoption of new technologies is a rather slow and long process. Especially when it comes to sectors like the financial sector, which has always been highly regulated and traditional in its functioning. But over the last couple of years, we not only witnessed the disruption of our traditional financial system but also the revolution that sophisticated FinTech solutions brought along.
Since the pandemic, the country has only seen an increase in the number of FinTech startups. This revolution was accelerated by the dynamic needs of the Indian consumer who increasingly are looking for options that could enable them to undertake their financial transactions at the click of a button. From neobanks to cryptocurrencies, mobile wallets to paperless lending- India is right at the forefront of a revolution with its favorable market conditions.
To understand how this revolution came along and how FinTech organizations are currently operating and booming in India, Agency Reporter, along with Lyxel&Flamingo, hosted the first episode of their webinar series- #BuildingForTheFuture.
The first episode was released on 16th March and dived deep to understand the changing landscape of FinTech in the country. The panel included Mukund Rao, Co-founder, muvin; Sathvik Vishwanath, Co-Founder & CEO, Unocoin; Vipul Sharma, Founder & CEO, Chqbook.com and, Dev Batra, Co-founder & CEO, Lyxel&Flamingo. The discussion was hosted by Rahul Puri, Editor & Founder, Agency Reporter.
The panel discussion began with Sathvik Vishwanath as he shared his insights about the factors that are responsible for the exponential growth of FinTech startups in the Indian market. He talked about how the younger generation in India is looking out for solutions that enable them to conduct financial transaction with more ease. Along with this rising need, the increased internet penetration even in remote areas, has enabled FinTech organizations to flourish in the Indian landscape.
Dev Batra went on to shed light on how the increasing number of FinTech brands will survive in the competitive market. He talked about how Indians are rapidly moving towards a branchless financial ecosystem and only the organizations who understand the dynamic needs of the Indian market, especially millennials, would be able to adapt and survive the competitive landscape.
Vipul Sharma further discussed the trends that have dominated the personal finance space since the pandemic. He discussed how the pandemic accelerated the growth of digital wallets and other financial services. He also talked about the role of RBI in enabling easy access to financial services and products.
The discussion then moved onto the functioning of neo banks. Mukund Rao went into the basics of how neo banks work and how they are different from the traditional banking system. He explained how neo banks are catering to the underbanked segments in India by utilizing sophisticated technologies and providing unique experiences to the consumers that fit their needs well.
Talking about consumer needs and expectations, Dev dived deep into the massive forces of disruption in the FinTech sector. He discussed the changing consumer behavior, especially that of GenZ and millennials, and how their rising expectations wrt to efficient financial services is bringing about a massive change in the industry.
The discussion was then steered towards Sathvik who discussed cryptocurrencies and the current scenario around them in the country. Thereon, the panelists went onto discuss the different trends that are driving marketing strategies for FinTech organizations and how things are changing rapidly as the younger generation takes over.
The discussion was concluded by discussing the challenges and issues that different areas of FinTech are facing currently in India. The need to spread more awareness amongst the Indian consumer, the importance of transparency and accountability on the organizations’ end, and how the sector needs to be more regulated were some of the key points that highlighted in the closure of the discussion.
Watch here-