New-age consumers now have a different perspective on finance, thanks to fintech. With the primary objective of improving the customer experience, fintech startups created new goods and services or changed the ones that already existed. With consumer convenience and safety at the forefront, it is everyone’s objective to add value for the customers through unique offerings.
The sector offers services in various fields, including neobanking, payment gateways, wallets, insurance, investment technology, and personal finance technology. To increase the number of people in India with access to organized finance, fintech companies have filled the gaps between consumer demand and available products.
To ensure a hassle-free experience, some fintech startups also offer comprehensive services to their clients. Consider the case of OneStack. The founders claim to have developed a “super app” that encourages users to save, lend, spend and grow their wealth. Users may view their assets, obligations, and balance sheets on the app’s centralized dashboard without switching between apps.
“We provide a new-age neobanking experience by integrating a myriad of financial products to redefine the customers’ banking journey,” said Amit Kapoor, co-founder, OneStack. “With the limited time and the vast expanse of personal and professional commitments, one is left with little or no time to understand or purchase different financial products from different service providers. The next-gen solutions cater to banking, payments, investments, insurance, and lending needs of our customers, all under the same roof.”
Through the widespread distribution of financial products using digital technology, fintech startups in India have also contributed to financial inclusion. On the other side, some startups are focused on serving the audiences of the gig economy, who frequently avoid traditional financial service providers because they do not have a consistent revenue stream. PoddL (formerly Glimpay) aggressively aims to support the creator economy and freelancing professionals, including students, part-time workers, and content creators. They can send and receive money easily thanks to the all-encompassing software.
“PoddL recognizes the burgeoning population of freelancers as more and more millennials and GenZ joins the creator and influencer bandwagon,” said Kushal Prakash, founder of PoddL. “We are on a mission to provide a marketplace for independent professionals that provides them access to a sophisticated wallet and full-cycle Workflow tools to manage their Work, finances and taxes on a common, unified platform. Our state-of-the-art technology helps freelancers become at par, financially, with their full-time working counterparts.”
Full-stack apps are fast becoming a preferred partner for today’s customers. “We are living in the era of Smart and Instant services and the trend is being extrapolated to financial services, as well. Gauging the consumer needs, we are providing convenience through features such as five minutes account opening, automated investments, and real-time track of savings and investments, among others. Our aim is to help our customers with detailed financial planning, end-to-end,” said Abhinav Nayar, CEO of Mool.
Fintech startups are helping introduce services that are priced competitively and hence, nominal. Additionally, they are striving for the redesign and transformation of the existing services, which is advantageous for the customers. These startups have the potential to boost the economy by using blockchain, AI, Big Data, machine learning, and other technologies.