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How Financial Services Companies Can Become Changemakers in India

HomeBusinessHow Financial Services Companies Can Become Changemakers in India

India is a dynamically growing and evolving economy. According to the National Council of Applied Economic Research (NCAER), India’s GDP was pegged at about INR 146 trillion in 2019-20.

The economy is slated to grow at between 8.4 percent and 10.1 percent despite the fallout of the COVID-19 pandemic. Such growth combined with a young, skilled, and dynamic population, makes India stand out in the spotlight. 

With its favorable demography, open economic environment, and culture of entrepreneurialism, India is highly conducive to entrepreneurial activity”, says a report from the IBM Institute for Business Value.

Banks have traditionally been fuelling India’s growth story. In recent times, the work done by NBFCs and financial services companies to transform the way the country functions is also significant. Some of India’s top financial business leaders have made transformation their mantra, not only within their own organizations but for the millions of lives they touch.  

Changemakers and Financial Transformation 

Let us look at some financial companies and organizations that have become top changemakers and have impacted the way in which we live and transact.

Paytm – Founded in 2010, Paytm became the first Indian mobile payment e-wallet system. Over about 80% of the mobile wallet users in India use Paytm. The company has taken mobile wallet usage and e-payments to the small traders of the country.

IndiaStack – IndiaStack is a set of APIs that allows public and private individuals, traders, and organizations to participate in India’s march towards a paperless and cashless economy. The use of IndiaStack’s unique digital infrastructure is an innovation that now drives India.

BankBazaar – BankBazaar is the first of its kind multi-brand platform for paperless and online approvals of loans and credit cards. Apart from enabling the average Indian to take a bird’s eye view of available credit options, BankBazaar is doing a lot with regard to financial education.

ZipDial – Now acquired by Twitter, Zipdial became one of the most innovative mobile platforms for small businesses to showcase their goods and services.  

Bajaj Finserv – Bajaj Finserv, one of the top non-banking financial services companies in India, is harnessing the power of Fintech to revolutionize credit and investment operations in the country. The launch of the mobile application-based and internet-based investment and financial platform has brought financial services to the fingertips of the average Indian.

Financial Titans Rooting for India

Most of the financial companies that have fuelled a change in the Indian socio-economic scenario have been led by visionaries. The importance of transformational leadership can be seen in the case of companies such as Bajaj Finserv. “Never before has such a change happened so rapidly and with such dramatic impact,” said Sanjiv Bajaj, Chairman and Managing Director of Bajaj Finserv about the technological innovations that have taken the country by storm.

Fintech companies are changing the landscape of India by focusing on financial services and doing them well, at a low cost. With total revenue of INR 54,351.47 crore (2020), Bajaj Finserv is one of the top financial services companies in the country which is leading this change.

The company has been focused on making financial services accessible to people in rural India apart from Tier I, II, and III cities. Bajaj Finserv has worked at improving its online capabilities and creating application-based investment and credit transactions systems that can be used from across the country.

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