Lord of the Rings or Collab with the Fintech?

India owns 12 Public Sector Banks (PSBs), 21 Private Banks (PBs) and 43 Regional Rural Banks (RRBs) as of January 2022. Amongst these, only a handful was constituted in recent years while the majority are age-old banks with legacy data, frameworks and policies with long-in-the-tooth customers. These banks have managed to remain cemented in the market with their traditional ways of working owing to customer trust, confidence and assuredness due to their brick-and-mortar model and strong frameworks.

Nonetheless, with dynamic and instinctive surroundings coupled with economic and societal transitions, customer sentiments, needs and preferences, India is beginning to experience a shift in the banking, payments and investment system among several other transitions in financial services. These developments can be attributed to Fintech which has disrupted the financial ecosystem at large. India is amongst the fastest growing Fintech markets in the world and there are 6,636 Fintech startups in India. The Indian Fintech industry’s market size was $31 Bn in 2021 and is estimated at a whopping $150 Bn by 2025.

Fintech exhibits a promising future and traditional banks possess a solid foundation. In such a scenario, an arrangement that offers equal opportunities to both parties rather than rivalry is recommended for the benefit of customers and the financial world. Here are a few examples of traditional banks that have collaborated with a Fintech to leverage the digital tag and the growth opportunities a Fintech brings-


Partnered with


Opportunity in Discussion



DEMAT Account

Through the partnership, Niyogin offers the bank an opportunity to target a specific audience while undertaking digital marketing activities too. By leveraging the bank’s database, Niyogin generates insights like customer preference, behavior, need, etc., allowing the bank to customize its offerings.



Secured Loan

Fintech is known for its capability to generate comprehensive, specific and automated customer reports that allow banks to securely cater to their target audience. Niyogin, through its algorithms, offers insights that allow the bank to lend to legitimate customers.



Secured & Unsecured Loan

Niyogin allows banks to leverage both databases of customers trying to avail of secured and unsecured loans. It offers them insights and risk-assessed leads thereby limiting the risk banks face.

The objective is to stroll beyond basic lending/investment options and offer customers a wide range of financial services. To achieve this stance, an ecosystem that is customer centric must be the principal rule.

Traditional banks are certitude amongst customers while Fintech owns the reputation of innovation- in such a scenario where the opponents possess different virtues, a collaborative approach will lead to sustained growth rather than a fight to be the lord of the ring!

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