Fintech Recognition Driving Seamless Digitization of Loans in the Emerging Markets

In the last few decades, Fintech Industry has drastically evolved and has been consistently increasing. This has immensely resulted in the evolution of the technology wherein; the collaboration amid the technology and finance has driven a progressive transformation in varied aspects of finances fundamentally when it comes to investment, funding and short-term loan services.

What Fintech is all about?

Fintech is more of the financial technology which is majorly used in improvising the traditional financial methods including the development of the effective and latest solution as per the recent technology trends. Gradually, the fintech industry is growing persistently majorly in the context of fintech apps. With the constant evolution of financial technology, fintech apps are striving their best in bridging the gap between the traditional ways of handling money into modern ways of managing money.

The emergence of Fintech — A shift from Traditional to Digital…

Following the current estimates, funding has been increased by investment companies for fintech start-ups from $1.8 billion from 2010 to $ 19 billion since 2015. Wherein, approx. 12,000 start-ups started worldwide in the fintech universe competing against and enabling betterment in their offerings (Source: NASSCOM). Moreover, as per the source, it is also predicted that the Indian fintech market would reach by $2.4 billion from the present $1.2 billion. Since then, the Indian economy has immensely taken advantage of fintech opportunities wherein, it is also expected that fintech services would be available to everyone by the end of the year 2020.

Fintech has proven to be a ground-breaking force and is persistently shaping the entire financial sector in a much better way focusing on instant loans, short-term loans, funding, transfers, and payment management. All such components have been majorly impacted by the emergence of fintech.

Chinese Fintech App Entered in India

Fintech in India is growing rapidly where smartphone penetration witnessed 53% in 2014 to 64% by 2018, fintech services were barely tapped by the people where 80% of transactions were carried out via cash (source: swissnexindia — Fintech Report). It broadened and opened the wider doors for most of the fintech start-ups to establish themselves in varied segments. Owing to this, most of the Chinese fintech apps entered India and most of them are still in the process to establish their footholds in India.

Chinese fintech apps are persistently preparing themselves in getting introduced in the Indian market and teeming with many innovations. These apps are also planning to put forward India allowing them to evaluate the creditworthiness of the users with accuracy. India is considered as the second-largest market in the industry because of its huge population size and therefore, China wants to invest enough capital in India for fuelling its growth.

China wants to flourish itself on the Indian digitized platform because the Chinese regulatory environment on digital lending has resulted in a crackdown on unethical lenders. As a result, it caused Chinese lending apps to look for better opportunities outside China.

Fintech in India…

Now, with the emergence of Fintech in India, loans and other associated services have become exceptionally easier for users. This is so because it has transformed the traditional ways of applying for loans while standing in long ques for hours, paperwork and documentation, verification and delayed approval, etc. Alongside this, the digitization of banks has also fuelled the growth of fintech mobile applications to make financial transactions in a jiffy.

Since the origin of fintech, India has become one of the most leading and finest country in Fintech Innovation. This is so because of 2017 approx. 70 A billion sessions were performed by the users, 80 Billion sessions in 2018 and 120 sessions were performed in the year 2019. Additionally, in India, the growth of Average MAU of Fintech Apps since 2018–19 was approx. 70% showcasing the easy accessibility and availability of fintech apps accelerated by mobile (source: App Annie — State of Mobile 2020).

Moreover, in India, different loan apps comprising the highest number of installs have been preferred by the users because of its offerings and user-friendly flow which majorly focuses on the following essential credentials to be filled.

Common Flow of Fintech Apps (in context of loan application)

  • Preferred Language Selection, Signup & Login (Facebook/Google), Email Registration
  • Quick Profile (personal details) like: First Name, Last Name, Date of Birth, Gender, Pin code, City, Aadhar Card, Pan Card, Selfie
  • Employment Details: Employment Type, Company Name, Mode of Salary, Salary Receiving (cash/cheque/net banking), Bank Name, Family Income
  • Loan Eligibility: Company Name, Company Type, Designation, Official Email, Residence Type
  • Disclaimer & Permission (agreeing to the terms and conditions)
  • Submit Loan Application

With such an easy and step by step flow of the short-term loan apps, fortunately, it has become easier for the users to apply for the loans for the shorter time duration.

However, with the availability of multiple different fintech apps on Play Store/App Store, there are some challenges associated with it. On the other hand, when it comes to offline apps, an advertiser requires a campaign tracking tool. Therein, enters the AdGyde Mobile Measurement Tool which measures the app metrics in real-time both online and offline measuring the performance and effectiveness of the campaign.

Attribution & Analytics for Fintech

Mobile App Marketers always need an attribution and analytics platform to measure all the granular app insights and associated parameters based on the user’s activities and behaviour.

Therefore, in the fintech vertical both attribution and analytics are essential to gather data based on the different stages and activities happening inside an app. Hence, AdGyde holistically measures the app insights making it convenient and comprehensive for advertisers, app marketers, product owners, etc.

Owning a Fintech App, there seems a lot of activities such as Loan Disbursement, Credit Score Checking, etc which are primary parameters that need to be measured. Therefore, to analyse all such parameters, it tracks and measures the same with its prominent Event Tracking System wherein, what events have been triggered by the users could be easily determined. Also, while discovering the triggered events, it analyses the conversion funnel indicating the flow of the users triggering different events.

Alongside this, if a campaign of any fintech app has been propagated by different affiliates then, it analyses the nature of the install either genuine or fraud with its premium Fraud Detection Mechanism. Hence, AdGyde allows the advertisers in knowing and understanding the app insights such as tracking of installs originating from different locations in real-time (via online and offline campaigns), segregation of the users based on their age and gender, what paths do a user follow inside the app to determine the most and least preferred screens within the app also called User Flow and much more.

Hence, for a product owner of any fintech app, it caters to your needs with all its prominent solutions making you apprehend the user’s behaviour with your app and other associated parameters in real-time.

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