The financial technology (Fintech) sector is rapidly expanding in India, which could pose a potential threat to retail banks.
There have been a wave of start ups in India in the Fintech space aiming to capitalise on the country's growing economy, rising incomes and gaps in the market, such as a large unbanked population.
One of many such companies, LoanTap, based in Mumbai, which launched last year, is completely online and specifically targets salaried professionals with loan products that are customised using minimal human interface behind its algorithms.
“We felt a constant need for credit solutions in the upwardly mobile salaried segment for acquiring assets or for personal consumption,” LoanTap's founders Satyam Kumar and former tech professional Vikas Kumar said in a statement. The company says it is using technology to target millennials.
A report released last month by Tata Consultancy Services and Clayton Christensen Institute for Disruptive Innovation, said that new entrants posed “a competitive threat to banks” but that if banks “are incentivised to adopt these solutions, rather than ignore them, disruption could be less of a factor”.
“The consumer lending space is where we see the most significant threat today, with the current wave of innovation and new entrant competition having the most impact”, said Aroop Gupta, the co-author of the report.
Indian banks are also pushing to make use of the latest technology.
For example, India's fourth biggest private sector bank Yes Bank, recently announced it is using digital technology and an artificial intelligence backed chatbot for retail loans to reduce the time it takes to issue a loan and save costs for the company through automation.
Veerchand Bothra, the chief innovation officer at Netcore Solutions, a marketing technology company, said the use of data analytics was helping banks to “position themselves as a financial supermarket”, so they can “upsell their various products”.
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How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
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Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
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Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
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Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now