Indian fintechs adapted to the post-pandemic business environment much better than their global counterparts in terms of easing customer on-boarding norms, building new products and passing on regulatory benefits to customers, according to global comparative study by Cambridge University's Centre for Alternative Finance. Indian fintech firms are overall punching above their global counterparts on average, and in particular fintechs in the payments, banking and lending space were the most flexible to adapt to the changing conditions caused by the pandemic, the study found. The study, covering 1,400 fintechs, saw participation of 142 firms operating in India, 87% of whom are retail facing fintech. Around 39% of the Indian respondents were involved in digital lending, 18% from digital capital raising platforms and 17% were involved in digital payments, the study said. MediaNama has seen a copy of the study. "Overall, the global fintech market has grown over the last year across 12 of 13 verticals. Digital payments saw a 21% in transaction volumes, but we saw an overall decrease in digital lending volumes by around 8% overall. India ranks among countries with high stringency COVID-19 lockdown measures. We found that the largest increase in transaction numbers and volumes took place in markets with greater lockdown measures; the higher the COVID-19 stringency, the higher the adoption of financial technology services. The increased adoption is not necessarily caused by the pandemic, but there is certainly a correlation between stricter lockdowns and adoption fintech services," said Tania Ziegler, lead of global benchmarking at the…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...