A quick overview: What’s going on with the Fintech boom in India
Banking and financial services in India are on the inception of complete disruption. It is one of the largest unbanked and underserved?
- We can very well witness another similar pattern of people skipping traditional banks and going with new, innovative, and a lot easier to use fintech platforms for payments, lending, wealth management etc.
- Alternative lending is the second most-funded and one of the fastest growing segments in the Indian fintech space according to PWC Average annual market rate for offline and unsecured loans is approximately 30%, which is almost 2–2.5 times the rate of an average personal loan charged by banks "400mm smartphones coupled with a tech-savvy millennial population are bringing large numbers of the unserved or underserved into the mainstream of finance and building distribution funnels at a speed not seen earlier.