India currently stands second after the US when it comes to FinTech companies. You might wonder how our country rose to that level. Do you remember the Demonetization wave that hit in 2016? Past 3 years, the fintech industry has witnessed a significant rise in its consumer base not only in metro cities but also in the rural sector. Most Tier II and Tier III regions have less understanding of the digital world. Companies are running campaigns to educate the rural Indians about financial inclusion and how they can make their life more comfortable.To drive adoption among rural customers, financial institutions have introduced certain tweaks to their digital product offerings to promote awareness and adoption among rural customers, aimed at addressing the key challenges faced by rural customers. This has shifted the focus now from urban-first to rural-first taking cognizance of the fact that the rural areas could potentially become the growth engines for India. With the smartphone user base improving in the rural areas, FinTech startups are coming up with innovative and user-friendly online platforms to make banking easier. This is where fintech startups aim at now – making rural life easier.According to a recent report by NASSCOM-KPMG, the… Read full this story
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