Fintech startups look beyond lending

NEW DELHI: Fintech has been responsible for transforming how new age consumers view finance. By adding technology, fintech startups developed new products and services or modified existing ones with the main goal of improving the consumer experience. It is a common goal to create value for customers through the unique offers and with consumers’ convenience and safety at the helm.
The industry provides services across sectors such as neobanking, payment gateways, wallets, insuretech, investtech and personal finance technology, among others. Fintech startups have closed the gap between consumer demand and existing offerings to bring more people under the umbrella of organized finance in India.
In addition, certain fintech startups also offer comprehensive services to their customers to ensure a hassle-free experience. Take OneStack for example. The founders have created what they hail as a super app that encourages users to save, use, lend and increase the wealth of their bank accounts. The app’s unified dashboard shows users’ assets and liabilities, as well as their balances without having to switch from one app to another.
“We provide a new-age neobanking experience by integrating a myriad of financial products to redefine customers’ banking journey,” said Amit Kapoor, co-founder, OneStack. “With the limited time and the large scope of personal and professional obligations, you are left with little or no time to understand or buy different financial products from different service providers. Next-generation solutions meet banking, payments, investment, insurance and lending needs. to our customers, all under one roof. ”
Fintech startups in India have also created financial inclusion through digitally enabled mass expansion of financial products. On the other hand, some startups are focused on accommodating the gig economy audience that does not have a regular revenue stream, and which is therefore often avoided by traditional financial service providers. PoddL (formerly Glimpay) works actively to give an impetus to the creative economy and freelance professionals such as content creators, part-time employees and students. The holistic app enables them to send and receive payments seamlessly.
“PoddL recognizes the growing population of freelancers as more and more millennials and GenZ join the creative and influencer carriage,” said Kushal Prakash, founder, PoddL. “We are on a mission to provide a marketplace for independent professionals that gives them access to a sophisticated wallet and full-cycle workflow tool to manage their work, finances and taxes on a common, unified platform. Our state-of-the-art technology helps freelancers stay in line, financially, with their full-time colleagues. ”
Full-stack apps are fast becoming a preferred partner for today’s customers. “We live in an age of smart and instant services, and the trend is also extrapolated to financial services. Measuring consumer needs, we offer convenience through features such as five-minute account opening, automated investments and real-time tracking of savings and investments, among other things. Our goal is to help our customers with detailed, end-to-end financial planning, “he said Abhinav NayarCEO, Mool.
Fintech start-ups help to introduce services that are competitive and thus nominal. Furthermore, they push the existing services to be renewed and transformed, which benefits the end consumers. By leveraging AI, Big Data, machine learning, blockchain, these startups have the potential to propel the economy forward.