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How Financial technology hold Opportunity to Offer Credit At Lesser Rates, Win Loyal Customer

An major initiative taken by the government to accelerate the digital push and shift India towards a cashless economy.

Fintech entities are one among the most important disruptors in moulding the way financial services were delivered to the buyer through traditional banking services.

The first adoption of innovative and disruptive technology by Fintech players enabled a revolutionary change within the financial services industry. With the background of the financial crisis in 2007, the banking industry installed stringent measures while availing credit to consumers and businesses. Fintech players leveraged this chance to supply credit at lesser rates and with complete transparency to create a pool of loyal customer base.

Consumers are attracted with greater transparency, flexibility, and an easy enrolment/application process to satisfy their growing credit demand. Today, personalized experience and rapid delivery take precedence over reputation and long-term-benefit to entice and retain the customer.

Non-banking entities led by innovation and disruptive technology initiated the revolutionary change within the banking system. There was a chance for them to be better, faster, and cheaper than traditional banks by reaching customers through a digital-first approach.