FinTech start-ups which were initially being touted as the nemesis of traditional financial institutions turned out to be the nimble and innovative partners that financial institutions needed. In the past couple of years, multiple financial institutions have partnered with innovative fintech start-ups to significantly improve their offerings and enhance their customer experience.
This collaboration has been most evident in payments, lending, insurance, wealth and operational efficiency spaces and is not without its own inefficiencies. Financial institutions and fintech start-ups often find it difficult to identify the right use case or partner to collaborate. Being a part of this vibrant fintech community and having witnessed this problem, we are pleased to release the first version of FinTech innovation compendium.
FinTech innovation compendium will be a fintech community-driven repository of innovative fintech use-cases with a curated list of relevant fintech start-ups operating in that space. This is expected to be a living document, contributed to by the community and curated by EY. We hope this small initiative by EY helps our community to collaboratively work towards building an inclusive and better working financial service industry in India.