How Banks Are Adopting Practices Prevalent in Fintech Space

Banks have been awfully slow when it comes to adopting newer tech compared to their Fintech counterparts and that's one of the primary reasons for Fintech's appeal to the customers. While banks have taken a producer driven view i.e. sell what you produce, India's Fintechs derive value by keeping the customer at its centre and drawing their offering around them. Fortunately, banks have not ceded much of the market share given there is still policy and capital arbitrage that tips the balance in their favour, RBI and the Investor community is turning towards Fintechs to force the attitude of banks as complacent producers. It won't be long before Fintechs get an official license to run neo-banks which will blow the so called death-knell for the banks. It is in the banking industry's best interest to change the way they operate and not treat the customer as a for-granted commodity that they have unilateral control over. Few banks have started making this shift and one of the first and possibly the only few banks to strategically commit into this change is #IndusInd Bank. If one were to look at their recent product launches, you'd notice that it is a far shift from the traditional digital offering and can compete directly with Fintechs both in terms of user experience and quality of service. It's very evident that the products like #Indus

Merchant Solutions are built on the latest tech stack and are challenging other merchant services by peer banks and payment Fintechs. It also addresses a core need of one of the important MSME segment in India – the retailer and merchants by offering them a One-Stop-shop for all their business needs. Bringing together banking, contactless payments, Loans for Business, beyond banking features such as Digital Khatabook, Auto-settlement, Online Chequebook order and various other merchant services that relieves the small merchants' time to focus on expanding their businesses. The app available both on android and iOS offers one of industry's first - a seamless 15 min onboarding journey offering competitive Current accounts and 

POS solutions along with UPI QR that merchants can buy into from the comfort of their homes/shops. Yes - All paperless and without the need to visit any bank branch!! The future of New-age digital banking for Indian Merchants is brought to you by one of India's Most trusted – IndusInd Bank. I highly urge all merchant community to try this app and test it out for themselves. Enjoy the new age of merchant services only with IndusInd Bank.