A compilation of our Quora answers related to Fintech
The fintech industry is one of the fastest-growing industry and its adoption rate in India is significantly high. Fintech caters to multiple sectors and industries like education, retail and business banking, investment management, agriculture, dairy, small businesses, and so on. MobiKwik, Hylobiz, Paytm, PhonePe are some of the top Fintech companies in India.
Fintech- a booming industry solving SME challenges
The SME sector contributes significantly to the economy of India. Despite being a strong contributor in India’s business ecosystem, the small businesses hardly get access to technology and capital, work in silos and their potential remains untapped. The recent pandemic has given a hard blow to the sector which has added to its difficulties.
The SME and other businesses in India and across the globe face multiple challenges including manual data entry, handling multiple banks, ERPs, and users, low access to credits, difficulty to track receivables and payables, delay in payments and collections, delay in payment settlements, and manual reconciliations.
The digital transformation in this era leverages the capability of digital technologies.
Fintech offers an array of innovative technology and services in synergy with banks and ERPs and is securing the future of tech-savvy customers in both retail and business sectors through automation and innovation. The SME businesses can now manage data, payments, collections reconciliations automatically and get access to easy capital as they embrace technology through Fintech.
How has fintech impacted the financial sector?
The banks and NBFCs have considered collaborating with fintech companies to offer better customer services with personalized products and to serve a wider range of customers. The bank/ NBFC and fintech partnerships can support businesses through their combined expertise.
The financial sector is positively impacted by fintech in this digital era. The traditional financial institutions can improve customer loyalty base, can understand customer demands, and can offer a wide range of financial products like insurances, loans, savings, and many more over the digital platform provided by fintech.
To understand more on how fintech determines the future of the financial sector, see what Hylobiz speaks on Quora as we bring to you some of our Fintech-related answers.
Quora questions answered by Hylobiz
A. What do you think of Fintech as future banking?
TO read on quora: https://qr.ae/pGq7pO
Based on our study on the trend and growth analysis reports on the fintech future, we penned down on quora our thoughts on how it is revolutionizing the banking sector and its impacts on future banking.
- has brought in digital innovation and given birth to
- new companies,
- different revenue models
- enhanced products
- enhanced security
- is driving digital adoption amongst customers – both retail and business
- is helping banks with advanced technology, cost reduction, and support in better customer relationships. Fintech and banks will continue to work in collaboration
- has simplified finance for people, businesses
The partnership between fintech and banks
- is the future of the financial sector
- can enhance customer experience
- enhance trust in the banking system
B. Has banking become easier with the rise in the number of fintech startups?
TO read on quora: https://qr.ae/pGq7Tu
We have found through our experiences and studies, that customers today prefer digital transactions over traditional banking.
Our answer to this question on quora-
Advanced technology and automation provided by Fintech coupled with the expertise of traditional banks have made banking easier, faster, and more accessible.
C. What do banks get out partnering with fintech startups?
TO read on quora: https://qr.ae/pGq7pX
Suggested read to learn about more benefits: https://hylo.biz/should-banks-and-erps-tie-up-with-fintech-to-improve-services-to-their-sme-business-customers/
There are multiple ways financial institutions can get benefitted out of their partnerships with financial technology companies and increase their brand value.
To this question on Quora, we pointed out the reasons why banks/ NBFCs should partner with fintech.
Here are the glimpses of what we said:
Bank (or any financial institution) and fintech partnerships
- help banks/NBFCs to offer more features to their customers in less time
- lead to innovation and launch of new products like pre-approved credit cards, Bill discounting, corporate cards, online credit assessment
- help financial institutions to generate more income streams
- help the financial institutions to tap the unbanked customers
- can build a better customer experience
- can ensure cost reduction through digitization of processes like account opening, lending, and more.
D. Are there examples of banks collaborating with fintech startups?
TO read on quora: https://qr.ae/pGq7Ip
Suggested read to know about more partnerships: https://hylo.biz/how-bank-and-fintech-partnerships-work-in-2021/
The examples of partnerships we mentioned on Quora:
- HSBC and Tradeshift partnered to automate supply chain invoice payments
- Atom partners funding circle to lend small businesses
- Kabbage and Scotia bank partnership to provide loans to small businesses
Indian Bank-fintech partnerships
- Bank of Baroda and U-GRO Capital to disburse loans to MSMEs.
- State Bank of Mauritius India with Lendingkart to offer working capital loans to MSMEs
- HDFC and Paytm offers financial solutions to small businesses
- Federal bank and Cred Avenue partnership supports portfolio management of its securitization bank
Hylobiz is partnered with multiple financial institutions and offers connected banking services like easy access to credits, automated reconciliations, quick settlements, better cash flow visibility, and payments and collections on time. SME businesses can easily integrate their ERPs and account with Hylobiz and can get access to better working capital.
Hylobiz in association with Bajaj finance and Neogrowth Credit Pvt Ltd offers working capital loans, with HDFC offers credit through preapproved SME credit cards, in partnership with Kotak offers eKYC and digital account opening and with Yes bank offers connected banking services. Avail loans from Bajaj Finserv
Banks/ NBFCs are invited to partner with us. Visit: https://hylo.biz/offerings-banks/
Hylobiz revamps the financial sector and boosts SME businesses
Hylobiz is a secured ISO 27001:2013 certified Fintech in alliance with multiple banks and ERPs solving all the SME challenges and contributing to the development of a well-knit B2B segment. Financial institutions can offer their wide range of products like loans, pre-approved SME credit cards, insurances, savings, and investments through the financial marketplace feature on our web portal and mobile app.
Top features supporting SMEs and other businesses
- digital storefront
- quick settlement and automated reconciliations
- integrated payment gateway
- business health score
- real-time dashboard
- automated reports
- automated payments and collections
- automated reminders
- automated inventory and invoice management
- access to loans
Hylobiz is significantly contributing to the financial sector and enabling SME businesses easier and faster access to finance through digitization, integration, automation, and technological innovation. Hylobiz offers a free subscription for a lifetime, nil setup cost, zero cost of collection, and low transaction costs. Sign up
Interested? Contact us: email@example.com