Indian Fintech Funding Report August 2024
Explore key insights from the Indian Fintech Funding Report August 2024. Fintech firms raised $28M, with the Payments sector leading investments.
Benchmarking Digital Journeys: The Key to Customer-Centric Innovation
Benchmarking Digital Journeys: The Key to Customer-Centric Innovation India is witnessing a remarkable surge in digital adoption, driven by a confluence of factors such as government initiatives, an expanding internet user base, and businesses increasingly recognizing the value of digital tools. This growth is particularly evident in sectors like e-commerce, mobile payments, healthcare, etc. With […]
Integrated API : Transition from development to release
Integrated API : Transition from development to release Over the past decade, the world has been slowly moving from a mobile-first to an API-first approach. API has become a key ingredient in software development. There is a critical role in enabling organizations to expose their business functionalities and data for the consumption of other players […]
Are you Setting up Lending Fintechs / NBFC : Where to start? Part 3
Platforms – Think Client First Before the arrival of Fintechs, the lending in Banks and NBFCs was merely focused on automation of back-office processes like loan account opening, disbursal, and collections. There was limited focus on the simplification of customer onboarding, underwriting, and engagement. Interestingly, I recently had a discussion with a leading bank focused […]
Are you Setting up Lending Fintechs / NBFC : Where to start? Part 2
Getting it Right: Product Market Grip Credit needs are never the primary needs of the customer. Customers are driven by their need to buy a product like a car or a service. When we are building a Digital Lending business for a segment of our choice, we have to focus on the following elements: Customer […]
Go Digital approach for old NBFCs:
Go Digital approach for old NBFCs: – Create a digital team (mix of pure digital + current team folks) – Create a completely parallel stack for pure digital sourcing and loan processing. This includes API enabled Loan Management System, customer frontend (app + web), document management solution and multiple loan origination platforms for different businesses. […]
Open Innovation – Do you have a Sandbox for partners?
Key part of open innovation is the ability of Banks & NBFCs to offer low friction environment to partners. One of this offering is a Sandbox with critical APIs & documentation on cloud. This environment would be separate from bank’s test environment to ensure that there is minimal security / compliance challenges. Availability of customer […]
Open Innovation – Creating Fintech Partnership Team
When Fintechs reach out to Banks and NBFCs & they sometimes get confused with fancy designations and confusing mandates of each person. Suggestion is to create a Single Fintech Partnership Team to Interface with Fintechs / External Partners. This team should participate in external forums and should be easily contactable. The team should have participation […]
Building FFIs (Fintech Financial Institutions)
Small & Medium Banks and NBFCs can reduce their costs by 50 percent and increase customer base by 50% in next 36 months by driving digital initiatives. This is on top of their current Business As Usual Growth. Key initiatives for driving digital: – Get Digital Expert in the Board – CEOs to gain expertise […]