In 2023, a 80% increase in bank account penetration was witnessed in India, in what would have taken 47 years through traditional means, experts said, detailing trends expected to take place in the financial sector in 2024 and methods to use the sector to deepen financial inclusion.
Kalpana Ajayan, Regional Head- South Asia, Women’s World Banking said: “In 2024, diversity will play a pivotal role, even within fintech. Companies that prioritize women customers and diverse representation in their value chains and on their boards can be profitable and spearhead an inclusive and innovative sector. Firms that invest in gender-disaggregated data to inform their business decisions and identify areas where they are falling short in terms of gender diversity and inclusion, can make targeted improvements. Embracing diversity drives innovation, improves decision-making, and heightens customer satisfaction.”
Sasidhar N. Thumuluri, MD and CEO, Sub-K IMPACT Solutions Ltd. said: “Unless we innovate for the customers, true financial inclusion will remain a pipe dream. The base of the pyramid is too large to be treated uniformly for any longer. We think the time is ripe to design products based on characteristics such as gender, financial needs, and digital readiness. Understanding the changing customer preferences coupled with an open culture and collaborative mindset are key to success. Our digital stack which includes the Sub-K Pay App, Data-driven Risk Assessment Tool, Remote Credit Appraisals, Virtual Customer Engagements, Digital Loan Sourcing, ONDC-powered e-Commerce, and more, has been pivotal in optimizing resources and driving efficiencies while making a positive impact on the communities we serve, particularly rural women”.
Puneet Gupta, Co-Founder, Kaleidofin, said: “We believe that good technological innovations solve the challenges for the largest majority. We are focused on crafting tech solutions for the 800 million individuals in India’s informal sector. Recent tools like Aadhaar, UPI, ONDC, and GST data unlock invaluable insights and the right use of this data is a great tool to facilitate financial products. Our risk profiling product, ‘ki score’ has used the data originating from these sources to facilitate loans for 3.5 million individuals, including 1 million women entrepreneurs. We feel the coming year will bring together many positives such as a stable interest rate regime resulting in consistent and stable growth.”