Neobanks and the revolution in India’s financial sector

The digital revolution in India’s financial services industry has led to the creation of neobanks which operate online only and, unlike traditional banks, use technology and data to remove pain points and offer personalised consumer experiences.

Why it matters

Financial brands can gain a competitive advantage in the future when traditional banks and neobanks partner with each other to improve financial inclusion and access. This includes using data to offer relevant products to consumers and personalisation.

Takeaways

• Neobanks and traditional banks are together required to bridge the existing inclusion and experience gap in the banking sector.
• Digital financial transactions empower women with better visibility of finances, greater privacy and hassle-free transactions.
• Financial brands can achieve sustainable/equitable growth and loyalty/awareness by improving financial literacy.