Financial technology or fintech in short, has been enjoying its moments under the sun for quite some time now. From nowhere in sight a few years back, fintech firms have transformed the conversation about financial intermediation in the country beyond recognition in a very short span of time. Minds with rich imagination even portrayed the scorching growth of the sector as yet another David versus Goliath story with David gaining grounds in the battle field by miles every passing day.
Many of the once puny firms [startups] have now grown in size and achieved a critical mass by chipping away business volumes from bigger banks and other well-entrenched players, in a highly competitive financial domain. Interestingly, their spectacular growth has nudged the leaders in the financial service industry to toe the line, one way or the other, rewriting the much touted `follow the leader’ maxim. Credit is also due to these sprightly innovators who have braved many odds including the yawning trust deficit and push back from stubborn customers by convincing them to join their ranks to meet their daily money moves. Arguably the right minded regulations or Redtechs and the launch of UPI platform by the government with its telling impact on customer adoption rates added tail wind to the sails of the sector.
A new force of habit for Indians
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