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How Fintech Startups Are Using Tech To Reimagine Finance, Build User Confidence & Improve Brand Stickiness

Inc42 & Karix recently held a panel discussion titled How Fintech Startups Are Using Tech To Reimagine Finance, Build User Confidence & Improve Brand Stickiness, exploring a number of critical areas such as:

  • Decoding key drivers & challenges to growth over the next 2-3 years
  • Leveraging tech to build user confidence & improve access to credit
  • Using data analytics to improve customer interactions & improve brand stickiness
  • Changing perceptions around credit lending & borrowing

Moderated by Sonia Kaul – VP, Product Marketing & Digital Enablement at Karix, the discussion included Anand Bhatia, CMO of Fino Payments Bank Ltd, Ashish Mittal, Head of Customer Success at Credgenics & Karthik Hariharan, SVP of Marketing at Capital Float.

Unlocking The Power Of Tech To Enhance Financial Inclusion & Deliver Seamless Customer Experiences

Financial inclusion for all — is a statement that is often heard & one that is driving the wave of innovation in & adoption of fintech, both globally & here in India. The Covid-19 pandemic in many ways accelerated the need for & transformed the way we manage money – from lending & borrowing to investments & payments.

India with the 2nd largest population in the world has an average median age of nearly 27 years making it also one the youngest populations globally. This along with increased internet penetration are the driving factors behind India clocking the highest number of fintech adopters in the world in 2021, India at 87% vs the global adoption of 64%.

According to a report by Inc42, India’s fintech market is estimated to grow $150 Bn by 2023 with a rising number of businesses coupled with global investment pouring in. It is interesting to note here that the country’s fintech startups raised around $8 Bn across 280 funding deals in 2021 alone. Among the fintech sub-sectors, lending tech and digital payments bagged the most venture capital inflow last year, accounting for 68% of the total funding and 44% of the total deal count.

With tier 1 cities being the initial focus of most fintech startups, an increasing number of them are now looking at tier 2 & 3 cities as the next legs of growth. This move by fintechs brings with it a number of challenges, mainly being the lack of internet penetration in the more rural areas coupled with fear of tech adoption & the negative perception around accessing credit.

Leveraging tech to build easy-to-use interfaces, producing relatable content & AI/ML being used to improve customer experience — are some of the ways fintechs are using to serve customers.

Tune into this panel discussion to know how fintech players are looking to capitalise on this trend while ensuring a seamless customer experience.