Indian FinTechs | David WITH Goliath
FinTech sector is mission critical for Indian economy. 36% of new-to-credit customers come via FinTechs compared to 22% for Banks. With growth, “Fin” in FinTech is acquiring a bigger font. This means greater focus on profitability and governance. Relentless focus on product / process innovation and customer focus made FinTechs successful. This is their true moat. Nonetheless, new muscle needs to be added for newer priorities. ‘Growing together’ in partnership with incumbents who truly understand how to operate in a regulated environment is a must. Also Indian FinTechs need to think differently from their global peers — the structural opportunity is in private innovation on public platforms.
Imagine if David and Goliath worked together — they might be become unbeatable.
BCG recently concluded SOFTU — State of the FinTech Union — with Matrix Partners in India. The report makes all these points. It does a great job of marrying the narrative with numbers. Full report below.
Source: https://www.bcg.com/publications/2022/indian-fintech-state-of-union
