A large market of Fintech is still waiting to be explored. I would like to believe that India is the biggest laboratory for Fintech in the world. Nowhere in the world, there is this exquisite blend of new and old. There will always be opportunities available in India, said Ninad Karpe, Partner at 100X.VC, while addressing a virtual panel discussion during a Live Webinar hosted by Elets Technomedia on topic “Fintech-Collaborator or Disruptor?”
Excerpts of the address:
COVID-19 is a small virus that affects everyone around the world irrespective of their caste and creed, similarly, this virus has an adverse effect on the businesses around the globe. This outbreak obliviously has impacted the financial institutions significantly. The entire economy is going to contract a lot due to this pandemic. However, the financial services sector will have to figure out their future endeavors during the lockdown period until whatever time it gets stretched. They will have to ensure that they have an eye on both liquidity and solvency. At this point in time, people are more concerned about liquidity but eventually, solvency will also become important for the sector.
The aim was to hit 5 percent but I believe India will touch 2 percent GDP, which is kind of satisfactory if we compare it with the rest of the world. When we talk about the scenario, in terms of Fintech, there is definitely a lot of scope for the segment to grow in India as a large section of our populace is still unbanked or underbanked. A lot of needs are still not served. A large market of Fintech is still waiting to be explored. I would like to believe that India is the biggest laboratory for Fintech in the world. Nowhere in the world, there is this exquisite blend of new and old. Having said that, there will always be opportunities available in India. Broadly speaking, there is a massive change in work style and lifestyle. Work from Home is now a reality. During this Pandemic period, we are witnessing a lot of changes in the consumption pattern and the number one priority now is health and hygiene.
If we talk about opportunities for the Fintech sector, we will have to analyse whether the operational model is based on Home delivery, where you can serve the consumer at their home and they donot have to move anywhere to look for your services. You will have to change your delivery model.
There will be a lot of discussions pertaining to Neobanks lately. This is the time when they will be operational. In my view, physical will be avoided for a long time now.
MSME and service sector during this time will definitely get into stress but if you are smart enough to identify the relevant segment of firm for lending, you will definitely score well.
Watch the Live coverage of the session here:
https://www.facebook.com/BFSIPost/videos/1503215146522706/
