Given the rise of smartphones and internet, the demand for services on digital are no longer limited to food, entertainment and travel. Innovations are now making it possible for banks and fintech players to intelligently collaborate, lest they fade out and become irrelevant.
While this helps the millennials access money safely and securely, the lure of incentives and rewards in spending digitally is making adoption easier and preferred. The goals are common. In the end, brands benefit, consumers love offers, whereas bankers and retailers get more transactions and sale.
The FinTech sector is a start-up universe full of young, energetic, and agile entities partnering with experienced and wise bankers are now co-existing in a new world.
Banking now needs to be agile, driven by digital, going beyond services offered in the traditional ways, by making the most of local demand, opportunities and incentives to the customer. Banks viewing fintech players as collaborators and partners get a leading edge. This helps them increase their reach, lower their costs and reach their goals of effective digitalization in services and operations.
FinTech start-ups have been able to achieve efficiency gains by calculating credit scores based on machine learning algorithms and alternative data points such as social media footprints, call records, shopping histories, payments to utility service providers and so on. Conventional players are yet to catch up with the recent trends and make use of quicker and easier means and processes.
Indepay Networks is the architect of the most comprehensive payment network built to natively handle the new age fintech innovations in alignment with existing networks. It’s low cost, high technology framework makes it world’s youngest payment network operation, enabling debit and credit card transactions.
Indepay aims to bridge the divide between credit users and credit aspirants who lack the digital cash signature for credit worthiness.
With a history of working with regulatory bodies and banks in India, Indonesia and other Asian countries over the past 10 years, Indepay has already tied up with the State Bank of India as its first banking partner acquiring more than 1.25 million customers.
With its first customer base in India, Indepay is now in the process of on-boarding banks, merchants, and infrastructure partners to launch a host of other services.