The financial technology (Fintech) sector is rapidly expanding in India, which could pose a potential threat to retail banks.
There have been a wave of start ups in India in the Fintech space aiming to capitalise on the country's growing economy, rising incomes and gaps in the market, such as a large unbanked population.
One of many such companies, LoanTap, based in Mumbai, which launched last year, is completely online and specifically targets salaried professionals with loan products that are customised using minimal human interface behind its algorithms.
“We felt a constant need for credit solutions in the upwardly mobile salaried segment for acquiring assets or for personal consumption,” LoanTap's founders Satyam Kumar and former tech professional Vikas Kumar said in a statement. The company says it is using technology to target millennials.
A report released last month by Tata Consultancy Services and Clayton Christensen Institute for Disruptive Innovation, said that new entrants posed “a competitive threat to banks” but that if banks “are incentivised to adopt these solutions, rather than ignore them, disruption could be less of a factor”.
“The consumer lending space is where we see the most significant threat today, with the current wave of innovation and new entrant competition having the most impact”, said Aroop Gupta, the co-author of the report.
Indian banks are also pushing to make use of the latest technology.
For example, India's fourth biggest private sector bank Yes Bank, recently announced it is using digital technology and an artificial intelligence backed chatbot for retail loans to reduce the time it takes to issue a loan and save costs for the company through automation.
Veerchand Bothra, the chief innovation officer at Netcore Solutions, a marketing technology company, said the use of data analytics was helping banks to “position themselves as a financial supermarket”, so they can “upsell their various products”.
COMPANY%20PROFILE%20
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The%C2%A0specs%20
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More from UAE Human Development Report:
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Company%20profile
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Company profile: buybackbazaar.com
Name: buybackbazaar.com
Started: January 2018
Founder(s): Pishu Ganglani and Ricky Husaini
Based: Dubai
Sector: FinTech, micro finance
Initial investment: $1 million
MATCH INFO
World Cup qualifier
Thailand 2 (Dangda 26', Panya 51')
UAE 1 (Mabkhout 45 2')
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Company%20Profile
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Company%20profile%20
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THE%20HOLDOVERS
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Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
THE POPE'S ITINERARY
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
Specs – Taycan 4S
Engine: Electric
Transmission: 2-speed auto
Power: 571bhp
Torque: 650Nm
Price: Dh431,800
Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor
Transmission: 2-speed auto
Power: 455bhp
Torque: 700Nm
Price: from Dh431,800
Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
COMPANY%20PROFILE
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COMPANY%20PROFILE
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Abu Dhabi Card
5pm: Maiden (PA) Dh 80,000 1,400m
National selection: AF Mohanak
5.30pm: Handicap (PA) Dh 90,000 1,400m
National selection: Jayide Al Boraq
6pm: Handicap (TB) Dh 100,000 1,400m
National selection: Rocket Power
6.30pm: Abu Dhabi Championship Listed (PA) Dh 180,000 1,600m
National selection: Ihtesham
7pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 1,600m
National selection: Noof KB
7.30pm: Maiden (PA) Dh 80,000 2.200m
National selection: EL Faust
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
SPECS
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ROUTE%20TO%20TITLE
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
The%20specs
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COMPANY%20PROFILE
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The%C2%A0specs%20
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded