Over the last couple of years, Fintechs have steadily made their way into the Indian financial industry, and right now, they’re at the helm of the innovation game. But what are Fintechs in the first place?
In the simplest of terms, Fintech stands as a combination of finance and technology. So, the organizations embracing this innovation are looking to make finance simpler by optimizing complex technologies. The final result is better, cheaper, and more accessible financial services for the end-user. Currently, most Fintech lenders operating in the unsecured credit space offer instant loans to salaried individuals. That said, what makes for a good Fintech start up? What are the defining aspects of Fintech organizations? Let’s take a closer look!
Most Fintechs are driven by one goal: to simplify the financial operations of end-users. They’ve ensured smoother implementation of processes and quicker compilation of data to make this possible. So, when a user logs on to a Fintech platform, they can conveniently track their financial activities and transaction history, regardless of their location.
Yet another defining aspect of good Fintech start-ups lie in their website/app interface. Since users will spend maximum time on the website/app of the company, it is really important for the platform to be easily navigable and user friendly. Fintech start-up Qbera, for instance, offers a seamless experience to its users, whereby it’ll barely take them 10 minutes to apply for a quick personal loan on this platform.
Understanding customer requirements is one of the essential principles that drives marketing across the globe. A good Fintech start-up will follow this principle by offering a wholly personalized experience to its users. This means, when a user logs on to the platform, they’ll be matched with the product that perfectly meets their financial requirements. This is usually done by using complex credit assessment algorithms.
One of the factors that makes Fintech start-ups stand much ahead of their conventional counterparts is their quick, hassle-free loan process. Unlike banks that would take days to process your applications, getting any mode of credit is incredibly simple on a Fintech platform. Since their entire process is digital, users can explore the available financial products, apply for their preferred product, and even pay monthly installments against them, with some simple clicks. Since everything, from the application, to the approval, and even payments are automated- transacting on these platforms are relatively simple.
This is yet another area where formal financial institutions lag behind. Most banks and credit institutions fail to offer clarity regarding your doubts. But that is not the case with Fintech platforms. Most of these companies offer 24X7 dedicated support, whereby users can reach out to their representatives who addresses all their queries about the different financial processes. This in turn allows users to take better, and more informed decisions.
So, now that you’re aware of the defining features of a good Fintech start-up, check if your preferred company fulfils each of these parameters!