How the digitisation drive in BFSI is fuelling growth in India’s fintech ecosystem (2024)

Digital economy

How the digitisation drive in BFSI is fuelling growth in India’s fintech ecosystem (1)

How the digitisation drive in BFSI is fuelling growth in India’s fintech ecosystem (2)

Getty Images

Synopsis

Fintech in India is thriving on massive untapped markets, easy access to capital, and rising customer expectation of getting an Uber-like experience from financial services. In 2019, India surpassed China in fintech investments for the first time and became the third-highest funded country only behind the US and the UK, according to MEDICI’s India FinTech Report 2020.

By MEDICI Global India’s fintech ecosystem continues to grow overall even as the Covid-19 crisis throws a curveball at the economy and businesses. There are many reasons for this growth, but the main one is that lockdowns and work from home meant that the digitisation drive in banking, financial services, and insurance (BFSI) went from discretionary to mandatory. Over the last few years, India’s fintech ecosystem has been building up, so there

5 mins read, Last Updated:

Gift A Story

Share member-only stories with your friends or family and help them read it for free.

Gifting Limit Reached!

Hey , no more stories left for you to gift.

No worries! You will get a limit of 15 stories next month to share with your friends and family.

Gift This Story

Stories Left!

You can gift upto 15 stories in a month.

LINK COPIED
  • FONT SIZE

    AbcSmall

    AbcMedium

    AbcLarge

  • SAVE
  • PRINT
  • COMMENT

Continue reading with one of these options:

Limited Access

Free

Login to get access to some exclusive stories
& personalised newsletters

Login Now

Unlimited Access

Starting @ Rs120/month

Get access to exclusive stories, expert opinions &
in-depth stock reports

Subscribe Now

ET

Prime Account Detected!

It seems like you're already an ETPrime member with

Login using your ET Prime credentials to enjoy all member benefits

Log out of your current logged-in account and log in again using your ET Prime credentials to enjoy all member benefits.

How the digitisation drive in BFSI is fuelling growth in India’s fintech ecosystem (4)How the digitisation drive in BFSI is fuelling growth in India’s fintech ecosystem (5)

To read full story, subscribe to ET Prime

How the digitisation drive in BFSI is fuelling growth in India’s fintech ecosystem (6) Get Unlimited Access to The Economic Times

₹34 per week

Billed annually at ₹2499 ₹1749

Already a Member? Sign In now

Super Saver Sale - Flat 30% Off

On ET Prime Membership

Claim Offer »

Already a Member? Sign In now

Sign in to read the full article

You’ve got this Prime Story as a Free Gift

Rs 49 for 1st month

Then Rs. 1,749 per year

SUBSCRIBE NOW

Valid only with UPI, Credit & Debit Cards Autopay

Choose Payment Mode & Plan

-

How the digitisation drive in BFSI is fuelling growth in India’s fintech ecosystem (7)

-

-

You can cancel your subscription anytime

-

-

-

Netbanking, Credit & Debit Card

Subscribe with Google

₹399/month

Monthly PLAN

Billed Amount ₹399

No Trial Period

₹399

₹208/month

(Save 49%)

Yearly PLAN

Billed Amount ₹2,499

15 Days Trial +Includes DocuBay and TimesPrime Membership.

₹399

₹150/month

(Save 63%)

2-Year PLAN

Billed Amount ₹3,599

15 Days Trial +Includes DocuBay and TimesPrime Membership.

Quarterly

$13.99

7 Days Trial

Yearly

(Save 40.0%)

$33.99

15 Days Trial

How the digitisation drive in BFSI is fuelling growth in India’s fintech ecosystem (8)How the digitisation drive in BFSI is fuelling growth in India’s fintech ecosystem (9)

Get ET Prime for just ₹2499 ₹1749/yr

How the digitisation drive in BFSI is fuelling growth in India’s fintech ecosystem (10)How the digitisation drive in BFSI is fuelling growth in India’s fintech ecosystem (11)

Offer Exclusively For You

Save up to Rs. 700/-

ON ET PRIME MEMBERSHIP

Avail Offer

Offer Exclusively For You

Get 1 Year Free

With 1 and 2-Year ET prime membership

Avail Offer

Offer Exclusively For You

Get 1 Year Free

With 1 and 2-Year ET prime membership

Avail Offer

Offer Exclusively For You

Get Flat 40% Off

Then ₹ 1749 for 1 year

Avail Offer

Offer Exclusively For You

ET Prime at ₹ 49 for 1 month

Then ₹ 1749 for 1 year

Avail Offer

Steal Deal on ETPrime

Get Flat 20% Off

Avail Offer

Avail Offer

To Read the full Story, Subscribe to ET Prime

Sign in to read the full article

You’ve got this Prime Story as a Free Gift

Access the exclusive Economic Times stories, Editorial and Expert opinion

Unlock this story and enjoy all members-only benefits.

  • 8 insight-rich stories published daily
  • 4000+ in-depth Stock Reports
  • Print Edition, the digital Newspaper
  • 2 Stock Researches everyday

How the digitisation drive in BFSI is fuelling growth in India’s fintech ecosystem (12)How the digitisation drive in BFSI is fuelling growth in India’s fintech ecosystem (13)

Offer Exclusively For You

Save up to Rs. 700/-

ON ET PRIME MEMBERSHIP

Avail Offer

Offer Exclusively For You

Get 1 Year Free

With 1 and 2-Year ET prime membership

Avail Offer

Offer Exclusively For You

Get 1 Year Free

With 1 and 2-Year ET prime membership

Avail Offer

Offer Exclusively For You

Get Flat 40% Off

Then ₹ 1749 for 1 year

Avail Offer

Offer Exclusively For You

ET Prime at ₹ 49 for 1 month

Then ₹ 1749 for 1 year

Avail Offer

Steal Deal on ETPrime

Get Flat 20% Off

Avail Offer

Avail Offer

90 Days Prime access worth Rs999 unlocked for you

Claim Now

Already a Member? Sign In now

'; }); } if(listing) { var h3 = "You tried reading " + listArr.length + " locked stories in the past " + threshold + " days.", h4 = "Become an ET Prime member and don't miss out on these exclusive stories."; var html = '

' + h3 + '

' + h4 + '

    ' + listing + '

'; $('#paidSCWidget').html(html); var callback = $('#paidSCWidget').attr('data-callback'); if(callback && window[callback]) { window[callback](); } customDimension.dimension72 += ' | Shown SYFT no Trial_With Missed Paywalled Articles Collection'; } else { _processNormal() } } }); } else { _processNormal(); } } catch (e) { _processNormal(); } }, function () { _processNormal(); }); //console.log('storyCollectionLoad', $); }

Why ?

  • How the digitisation drive in BFSI is fuelling growth in India’s fintech ecosystem (14)

    Exclusive Economic Times Stories, Editorials & Expert opinion across 20+ sectors

  • How the digitisation drive in BFSI is fuelling growth in India’s fintech ecosystem (15)

    Stock analysis. Market Research. Industry Trends on 4000+ Stocks

  • How the digitisation drive in BFSI is fuelling growth in India’s fintech ecosystem (16)

    Clean experience with
    Minimal Ads

  • How the digitisation drive in BFSI is fuelling growth in India’s fintech ecosystem (17)

    Comment & Engage with ET Prime community

  • How the digitisation drive in BFSI is fuelling growth in India’s fintech ecosystem (18)

    Exclusive invites to Virtual Events with Industry Leaders

  • How the digitisation drive in BFSI is fuelling growth in India’s fintech ecosystem (19)

    A trusted team of Journalists & Analysts who can best filter signal from noise

  • How the digitisation drive in BFSI is fuelling growth in India’s fintech ecosystem (20)

    ​Get 1 Year Complimentary Subscription of TOI+ worth Rs.799/-​

How the digitisation drive in BFSI is fuelling growth in India’s fintech ecosystem (2024)
Top Articles
Latest Posts
Article information

Author: Prof. An Powlowski

Last Updated:

Views: 6309

Rating: 4.3 / 5 (64 voted)

Reviews: 95% of readers found this page helpful

Author information

Name: Prof. An Powlowski

Birthday: 1992-09-29

Address: Apt. 994 8891 Orval Hill, Brittnyburgh, AZ 41023-0398

Phone: +26417467956738

Job: District Marketing Strategist

Hobby: Embroidery, Bodybuilding, Motor sports, Amateur radio, Wood carving, Whittling, Air sports

Introduction: My name is Prof. An Powlowski, I am a charming, helpful, attractive, good, graceful, thoughtful, vast person who loves writing and wants to share my knowledge and understanding with you.