{"id":4550,"date":"2021-10-08T11:40:09","date_gmt":"2021-10-08T06:10:09","guid":{"rendered":"https:\/\/cashfree.com\/blog\/?p=4550"},"modified":"2023-01-04T12:40:27","modified_gmt":"2023-01-04T07:10:27","slug":"innovation-in-payments-driving-digital-adoption-2","status":"publish","type":"post","link":"https:\/\/blogrevamp.cashfree.com\/innovation-in-payments-driving-digital-adoption-2\/","title":{"rendered":"Financial Innovation Can Bridge The Digital Divide In India: Arun Tikoo"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #005c31;color:#005c31\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #005c31;color:#005c31\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blogrevamp.cashfree.com\/innovation-in-payments-driving-digital-adoption-2\/#What_Does_Innovation_Mean_For_the_Fintech_Industry\" >What Does Innovation Mean For the Fintech Industry?&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/blogrevamp.cashfree.com\/innovation-in-payments-driving-digital-adoption-2\/#Buy_Now_Pay_Later_The_Next_Big_Fintech_Innovation\" >Buy Now Pay Later: The Next Big Fintech Innovation?&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/blogrevamp.cashfree.com\/innovation-in-payments-driving-digital-adoption-2\/#Can_Innovation_Bridge_The_Digital_Divide\" >Can Innovation Bridge The Digital Divide?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/blogrevamp.cashfree.com\/innovation-in-payments-driving-digital-adoption-2\/#Way_Forward_Bank-Fintech_Partnerships\" >Way Forward: Bank-Fintech Partnerships&nbsp;<\/a><\/li><\/ul><\/nav><\/div>\n\n<p class=\"wp-block-paragraph\">The Indian fintech industry does not take innovations lightly.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After all, the stakes are pretty high. Superior customer experience, increased digital financial penetration, higher accessibility points-&nbsp; they are all equally important.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But how can we ensure that these innovations drive digital adoption?&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A group of seasoned fintech experts discussed this question at the <strong>Global Fintech Fest Roundtable<\/strong>, conducted from 27-30 September 2021. Arun Tikoo, the SVP of Business and Strategy at Cashfree Payments, was a part of the esteemed group of panellists.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" width=\"770\" height=\"403\" data-attachment-id=\"4578\" data-permalink=\"https:\/\/blogrevamp.cashfree.com\/innovation-in-payments-driving-digital-adoption-2\/payments-driiving-digital-adoption\/\" data-orig-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/payments-driiving-digital-adoption.jpg?fit=1200%2C628&amp;ssl=1\" data-orig-size=\"1200,628\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"payments-driiving-digital-adoption\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/payments-driiving-digital-adoption.jpg?fit=770%2C403&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/cashfree.com\/blog\/wp-content\/uploads\/2021\/10\/payments-driiving-digital-adoption-1024x536.jpg?resize=770%2C403&#038;ssl=1\" alt=\"innovation driving digital adoption gff 2021\" class=\"wp-image-4578\" srcset=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/payments-driiving-digital-adoption.jpg?resize=1024%2C536&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/payments-driiving-digital-adoption.jpg?resize=300%2C157&amp;ssl=1 300w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/payments-driiving-digital-adoption.jpg?resize=768%2C402&amp;ssl=1 768w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/payments-driiving-digital-adoption.jpg?w=1200&amp;ssl=1 1200w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The group kicked off the roundtable discussion with one simple question:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Does_Innovation_Mean_For_the_Fintech_Industry\"><\/span>What Does Innovation Mean For the Fintech Industry?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Experts agreed that innovation in fintech can be defined under 3 main purposes.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Product of meeting the evolving customer needs<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">For instance, Cashfree Payments launched the <a href=\"https:\/\/blogrevamp.cashfree.com\/auto-e-collect\">Autocollect<\/a> product as a way of solving the reconciliation issues faced by <a href=\"https:\/\/cashfree.com\/blog\/best-payment-gateway-india\/\">Payment Gateway<\/a> clients.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/blogrevamp.cashfree.com\/contact-sales?utm_source=blog&amp;utm_medium=gff_innovation_in_payments_blog\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/Q1ocZ14V5wy12DNflRbqmAiPX5nFoEor14UmLdXahtqvUw3HFMewj0jpElz_y3VkvCunB0bm-kSW7ojjh4vejuvdQWg_dr-Q2_lCBc5hgXu3t4hwg4DtB_gSdPRJiod2FiL0dm5L=s0\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<ol class=\"wp-block-list\" start=\"2\">\n<li><strong>Reducing customer pain points<\/strong> <strong>and increasing customer satisfaction<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Some examples of this can be simplified cross-border payment solutions, instant refunds, optimized <a href=\"https:\/\/cashfree.com\/blog\/recurring-bill\/\">recurring bill<\/a> solutions.&nbsp;<\/p>\n\n\n\n<ol class=\"wp-block-list\" start=\"3\">\n<li><strong>Increasing accessibility of payment points<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">India has a large population of users that hold bank accounts. However, half of those customers face a lack of accessibility of payment points.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Speaking of innovations and buzzwords&#8230;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Buy_Now_Pay_Later_The_Next_Big_Fintech_Innovation\"><\/span>Buy Now Pay Later: The Next Big Fintech Innovation?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Buy Now Pay Later (BNPL) is the new \u201cbuzzword\u201d in the industry.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In fact, BNPL had managed to <strong>democratize small credit.<\/strong> In doing so, it has also increased customer satisfaction by miles.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But can it be considered as the next big fintech innovation? Or is it just gaining recognition because of recent widespread adoption?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Experts agreed that BNPL has been around for a while. However, industries are now <strong>finding new uses cases and demand<\/strong> for the same.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Having said that, BNPL might have miles to go, as a product. For instance:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Using Big data to increase customer adoption of BNPL. <em>(something Amazon is currently investing in)<\/em><\/li>\n\n\n\n<li>Optimizing the partner\/bank\u2019s ability to underwrite customers<\/li>\n\n\n\n<li>Reducing default and bounce rates of BNPL through notifications, reminders, ease of payment, etc.&nbsp;<\/li>\n\n\n\n<li>Fueling widespread acceptance of the BNPL as a payment mode\/financial product<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Interestingly, BNPL can be used to <strong>drive financial inclusion to the unbanked<\/strong>.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is all the more effective since it fits right at the payment stage of the customer journey. In other words, the customer does not have to make any effort to avail credit.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Can_Innovation_Bridge_The_Digital_Divide\"><\/span>Can Innovation Bridge The Digital Divide?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The use cases of BNPL are quite widespread.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On one hand, companies like Amazon are aiming to provide BNPL as a payment mode through voice recognition through Alexa.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On the other hand, companies like Kaleidofin are looking to democratize credit for the unbanked section.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The difference between these two cases might seem <em>gigantic.&nbsp;<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, experts brought out an insightful point: <strong>innovation by any player in any of these spaces can be used as a bridge the gap between the two<\/strong>.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For instance, let\u2019s assume that Amazon is successful in developing voice recognition services for BNPL payment checkout.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, this same technology can be used on devices like mobile phones to further aid the penetration of credit in the unbanked sectors.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, achieving this goal is only possible with successful bank-fintech collaborations.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Way_Forward_Bank-Fintech_Partnerships\"><\/span>Way Forward: Bank-Fintech Partnerships&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Experts agreed that banks are starting to consider fintech partnerships a core part of their business strategy.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After all, the <a href=\"https:\/\/cashfree.com\/blog\/banking-as-a-service-baas\/\">Banking as a Service<\/a> and <a href=\"https:\/\/cashfree.com\/blog\/open-banking-api\/\">Open Banking API<\/a> model has brought out a lot of advantages for both parties.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/blogrevamp.cashfree.com\/contact-sales?utm_source=blog&amp;utm_medium=gff_innovation_in_payments_blog\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/z6CmbNv-WkjXvj0pglHdbEsjD0zNjQYRDxKLyU7MyW4dP2Zf9ZbYTTQYIrgt6-cla10NWJM3_zAg2iq-eiDFWzjXkBpDmafS3xoAmtiLAc40YIMo4khPsN0_l0OaLdQzC3TqzUbR=s0\" alt=\"banking as a service illustration\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Most importantly, Legacy banks have the trust factor of customers that proves indispensable. In fact, the involvement of legacy financial institutions help the widespread adoption of fintech innovations.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Evidently, Fintech players are helping banks provide last-mile connectivity. It will be interesting to see how these partnerships will evolve in the future.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Will fintech players start acquiring banking licences <em>(much like Solaris Bank?)<\/em>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Will we achieve a UPI like infrastructure that facilitates interoperability between fintech services?&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let us know your thoughts in the comments below!&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Indian fintech industry does not take innovations lightly.&nbsp; After all, the stakes are pretty high. Superior customer experience, increased digital financial penetration, higher accessibility points-&nbsp; they are all equally important.&nbsp; But how can we ensure that these innovations drive digital adoption?&nbsp; A group of seasoned fintech experts discussed this question at the Global Fintech<\/p>\n","protected":false},"author":17,"featured_media":7157,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1,2157],"tags":[2107,1381],"class_list":["post-4550","post","type-post","status-publish","format-standard","has-post-thumbnail","category-all","category-events","tag-experts-speak","tag-payment-solution"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Financial Innovation Can Bridge The Digital Divide In India: Arun Tikoo<\/title>\n<meta name=\"description\" content=\"The Indian fintech industry does not take innovation lightly. 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