For the past 50 years, small and medium-sized enterprises (SMEs) and micro, small and medium enterprises (MSMEs) have powered India’s economy, especially in rural and semi-urban areas. But they often fail to get adequate financial support from government agencies, banks and financial institutions, according to the SME Chamber of India.
India’s booming fintech market could be their savior.
Bringing innovation to traditional industries is connected to great ideas… but turning an idea into an MVP needs workarounds, endurance, adjustments, trial and error. Fall down seven times, get up eight.
When EY launched the first global EY FinTech Adoption Index in 2015, FinTech was still in its relative infancy. We found that one in seven digitally active consumers were already FinTech users. In 2017, we find that adoption has risen dramatically to one in three.
Banks that take deposits and make loans have been around for over 600 years, which pretty much makes it as mature an industry as you can get. Surely banking is more like 99% complete than 1% done?
A new survey has highlighted the differences between customer expectation and experience in the fintech industry, with many companies failing to deliver the value that consumers crave. It has also flagged up the low standing that CEOs have as credible sources of information.
China has struggled to shake off the perception that it’s lagging behind developed economies in technology and innovation. And while much of that perception is warranted, there is one industry where China can be considered a leader: fintech.
Cross-border capital flows have fallen 65 percent since the financial crisis as global banks retrenched, but a more stable form of financial globalization is emerging.