How FinTech Is Disrupting The Indian Banking Sector

The FinTech story in India is seeing an unscripted glory. It is poised to become the largest industry by 2030 with 10x growth, as per an EY report. A positive government policy has facilitated several unicorns to emerge in the financial industry leveraging technologies like AI/ML to transform the way people bank. The accelerated digital push in the last few years on the back of fast and cheap internet access underscored the growth of FinTech. By 2021, India was already the third-largest FinTech market after the US and UK with financial technology companies in India such as Zaggle leading the revolution.

Banks of all sizes are facing a threat from these new-age players, triggering a chain of innovations across the board. Every banking activity imaginable is touched by financial technology companies in India. Payments, lending, investments, insurance, and many other services now do not need in-person touch like earlier. All of these activities can now be done digitally through contactless transactions.

FinTech-led disruptions in banking

Financial technology companies in India have changed the face of banking operations. Just a few years ago, customers used to spend hours in the banks for something as simple as a money transfer. Any banking task was a hassle with burdensome paperwork, long processing time, and unresponsive processes. All of this changed with the rise of FinTech companies in India.  

Exposure to digital payments

One of the primary game-changers in the Indian banking industry, digital payments made money transfers fast, seamless, and exciting. With the introduction of UPI, contactless payments have become the default money transfer option for everyone.

Easy access to credit line

For decades, businesses – or individuals – had to prove their creditworthiness by submitting various documents. With the widespread adoption of digital payment apps and other fintech solutions, accessing credit lines has become very easy. With access to their daily transactions, financial technology companies in India can assess the repayment capabilities of businesses and provide credit cards & unsecured loans at discounted rates.

Shifting banking operations to digital space

With the launch of online banks and neobanks, FinTech companies in India began offering banking services entirely online. They offer services like digital account opening, real-time money transfers, and expense management without the hassle of maintaining physical bank accounts. 

AI-powered wealth management experts

Technologies like Generative AI/ML algorithms, and predictive modelling are making market predictions or financial assessments more accurate. Since technology makes unbiased and unmotivated recommendations, it is finding an audience among retail investors. Financial technology companies in India are leveraging these factors to offer personal investment advisors at affordable prices.

Innovation in insurance products

People no longer buy an insurance policy based on the word of an agent. FinTech companies in India have empowered individuals to personally browse, compare, and purchase insurance plans. Customers can now choose among one of several financial technology companies in India where they can compare benefits side by side to determine the best insurance plan for their needs.

Financial inclusion through democratization

Financial technology companies in India have truly democratized access to banking services in India. Through revolutionary moves like mobile banking, digital KYC, and hassle-free loan underwriting, more and more Indians have joined the banking economy of the country which would eventually help India become one of the biggest digital economies in the world.

Big data’s massive role in CX

Customer experience has been at the core of everything in this digital economy. Fintech companies In India such as Zaggle have been leading the charge in this aspect with data analytics and AI algorithms. Through effective utilization of big data, FinTechs are personalizing the banking services and products, in addition to securing operations through risk assessment and anti-fraud mechanisms.

Zaggle at the forefront of the digital banking revolution

Financial technology companies in India have paved the way for businesses to leverage this shift for their growth. Zaggle is one such FinTech company in India that has been powering the growth strategy of several companies in the country. A FinTech unicorn, Zaggle is disrupting the Indian banking industry through its multiple suite of products.

• Zaggle Zoyer: As a spend management software, Zoyer facilitates businesses with data-driven processes to streamline procurement and accounts payable.
• Zaggle SAVE: Aimed primarily at employee benefits and incentives, SAVE empowers companies to digitize their employee tax benefits program with a single card.
• Zaggle Propel: A corporate SaaS platform for channel rewards and incentives, employee rewards and recognition. 
• Zaggle EMS: An all-in-one expense management system that enables businesses to digitize employee expenses and reimbursements, thereby saving time and money.

As one of the leading FinTech companies in India, Zaggle and its suite of products provide a comprehesive solution for businesses to optimize their financial processes. By leveraging Zaggle Zoyer, SAVE, Propel, and EMS, companies can streamline procurement, digitize employee benefits, incentivize their channels, and manage expenses effectively, ultimately driving growth and efficiency in their operations. 

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