Growing Inclusion in India: The FinTech Way
Considering the ability of FinTechs to innovate, work in an agile manner and their affinity towards technology, they have emerged as a key ecosystem player in enhancing inclusion in India. With continued support from the Government, an ongoing focus on enhancing the Digital Public Infrastructure and strong collaboration between all ecosystem stakeholders, FinTechs can help to unleash the next phase of rapid growth in India.
We have taken a holistic view of inclusion across seven different, but equally critical themes, that is equity and financial inclusion for women, growth beyond Tier-I cities, access to financial products and services for the underserved, strengthening the agri-community, empowering the youth, growing employment, and supporting internal employee dimensions of diversity.
• Inclusion is a key pillar for FinTechs in their vision and growth strategy
• Not only decacorns or unicorns, but even smaller FinTechs are creating strong on-ground impact
• Impact is being created beyond tier 1 cities as well and underserved segment is a key focus
• FinTechs are not just founded in the big cities, even the share of beyond tier 1 is growing rapidly
As India’s FinTech market stands on the cusp of exponential growth, sustaining an unwavering commitment to inclusivity and technological innovation is paramount.
Three focus areas going forward:
1. Create and adopt inclusive products and services,
2. Enhance adoption of inward-looking inclusion strategies and
3. Democratize tech and continue to build an inclusive ecosystem