India’s Leading BFSI & FinTech Companies 2024

India’s Leading BFSI and FinTech Companies 2024 2 [ MESSAGE FROM MD’S DESK ] Avinash Gupta Managing Director & CEO – India Dun & Bradstreet In our publication, the focus is on five key game changers as highlighted below: Inclusive BFSI Models: Out of the 64 million MSMEs operating in India, only 14% have access to formal credit. Inclusive BFSI models are changing the game by using unique models for assessing creditworthiness, offering easily accessible lending options. For Dun & Bradstreet’s BFSI & FinTech Awards 2024, we received multiple nominations from organizations operating inclusive BFSI models, such as: • Subscription-based payday credit for blue collar workers • Non-dilutive, revenue-based financing for startups • Digital invoice discounting for MSMEs Tech Tsunami: A tech tsunami is flooding the industry in waves of Artificial Intelligence, Machine Learning, chatbots, blockchain, digital currency, and cloud computing. These technologies are empowering BFSI & FinTech players to take their operational efficiency and customer experience to the next level. Some of the innovative use-cases that emerged during the evaluation of nominations for BFSI & FinTech Awards 2024 included: • The use of blockchain to tokenize warehouse receipts, which are then used to raise capital • Use of AI/ML capabilities to enhance debt collection and risk evaluation • Gen-AI powered customer onboarding and servicing Next-gen Customer Experience: In today’s digital age, customer experience is another crucial game changer for the BFSI & FinTech industry. The bar for convenience, personalization, and flexibility has been raised. Only a new generation of customer experiences can lead to continuous customer delight. Cybersecurity Revolution: India’s financial sector faced more than 13 lakh cyber-attacks between January and October 2023. Numerous emerging technologies have altered the risk and threat landscape for the BFSI & FinTech industry. At the same time, an ensuing cybersecurity revolution is gradually fortifying the industry against evolving threats such as financial frauds, social engineering, and data breaches. Regulatory Sandboxes: Authorities including the RBI are creating a win-win environment to encourage innovation while developing aligned regulations. The central bank has so far introduced cohorts for FinTechs to innovate around retail payments, cross-border payments, MSME lending and mitigation of financial frauds. In January, RBI also released a draft framework for self-regulatory organisations focused on the FinTech sector (SRO-FT) which would work towards strengthening the governance standards of the sector. I have no doubt that the BFSI & FinTech industry will see more action in the days to come, and Dun & Bradstreet India will continue to be your most reliable knowledge partner in navigating the industry game changers. Dun & Bradstreet