FinTech 2.0 – The era of FinTechs begin! Industries are parting ways from traditional banking and entering the era of financial inclusion. With this, FinTechs are rolling the financial solutions with strategic partnerships and innovative features. Financial democratization is one of those changes the economy needs. Also, emerging FinTech companies are increasingly gearing towards this with the help of disruptive technologies.
People access financial services either through financial entities directly or through finance professionals. This is where Niyogin is bridging the gap. It ensures greater access with its innovative credit and wealth solutions. It’s time to democratize the Indian finance ecosystem so that no one’s left without financial services.
Economic Democratization and the Indian FinTech Ecosystem
The financial services sector aims to create more wealth through savings and investments. But earlier, the focus had been on a few clients with a stronghold in the industry, compared to emerging ones. It was done to achieve higher growth and stability.
As a result, the services were limited to high-profile clients. This creates a bias.
- Penalizes the poor or the weaker economic sections with high overdraft fees.
- Monopolizes financing capabilities to new and emerging companies and technologies to venture capitalists in a better position. This also resulted in not paying much attention to, or completely ignoring, inputs from emerging but potential financiers.
- Prevents emerging and potential investors from enjoying the benefits of financial inclusion.
So, there is a need for financial democratization. The FinTech ecosystem offers many opportunities to speed up transformation.
The FinTech industry harbors many technologies. These act as a significant driving force to achieve the goal:
- Advanced AI systems. These collect and analyze big data required to find and target relevant opportunities. It also helps to deal with setbacks.
- APIs to integrate multiple services.
- Digital payment platforms that make transactions hassle-free and less expensive.
- Advanced systems and platforms with end-to-end support. It improves monitoring, auditing, and assessing methods.
The Role of Niyogin in Financial Disruption and Democratization
FinTech startups develop innovative and efficient financial services. These act as catalysts for transformation. They also need to take note of the regulatory frameworks instated to protect consumer interests.
Since FinTech is vital to a growing economy, these companies must find ways to bring forth innovative platforms without disrupting existing regulatory policies. Further, FinTech is becoming a one-stop solution for multiple financial services on a single platform. Consumers can now experience end-to-end services on one platform. Thereby, Niyogin is creating an ecosystem of services.
The new-age FinTech startup, Niyogin, has developed various solutions. It has enabled the MSME sector to acquire and harness resources without disturbing existing financial regulations. As a premier emerging FinTech startup, Niyogin’s solutions span the entire economic spectrum for MSMEs. It covers aspects like financial inclusion, investments, credit, etc. Also, Niyogin helps integrate businesses with technologies like SaaS to create unique digital distribution networks.
The FinTech company has brought forth three innovative platforms:
- Financial Inclusion
As a platform redefining financial inclusion, íServeU allows local retailers and distributors to adopt digital systems to offer financial services in rural areas. By impaneling 2.5 lakh Kirana stores, the server has provided services to individuals from 25,000 villages. Examples of such implementations include DMT portals for cash deposits and withdrawals, banking inquiries, Aadhaar-enabled payment portals, airtime recharges, and bill payments.
- Credit Solutions
Niyogin’s state-of-the-art credit solutions offer MSMEs easy and fully digital access to credit lines via large financial distribution networks comprising banking and NBFC professionals and product partners.
- Wealth Solutions
Moneyfront is a premier InvestDirect-powered wealth advisory and analytics platform that offers investment and financial advisory services using a fully automated comprehensive portfolio approach. Moneyfront’s algorithms profile clients and suggest viable investment plans, depending on investor personas.
Therefore, Niyogin offers different services and products in a single platform. It allows customers to access all their financial needs at a single doorstep without the need to go to different lenders and financial service providers. It doesn’t matter whether the customer is situated in rural India or urban India, Niyogin caters to the needs of both.
Final Thoughts
FinTechs have managed to serve the unbanked and underbanked populations. The Indian FinTech market is expected to reach $150 billion to $160 billion by 2025. Further, digital finance is expected to increase the GDP of emerging economies by as much as 6%.
Niyogin is a unique, early-stage, and fully integrated neo-banking platform. It is a public-listed FinTech startup hoping to deliver disruptive, impactful, and innovative banking and financial solutions that can power MSMEs in urban and rural India.
The Indian startup ecosystem is thriving with opportunities but lacks a platform that can help tap into its true potential. Niyogin’s holistic, technology-first products offer the resources that MSMEs need and the trust of a highly integrated partner network.
So, are you in it to help the emerging FinTech player achieve its goals? If so, do your bit by harnessing the power of Niyogin’s platforms today!