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Penetration & Adaptation of FinTech

Explore the evolving FinTech market in India and its impact on banking, insurance, and investment sectors. Uncover the drivers, barriers, and expectations related to FinTech adoption. This report delves into consumer habits, digital banking trends, and future prospects for businesses in the FinTech realm.

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Penetration & Adaptation of FinTech

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  1. Penetration & Adaptation of FinTech December 2018

  2. Contents

  3. Growing penetration of FinTech • Rapid change in the Indian Banking scenario is fueled by the influx of FinTech • Mobile emerging as the largest banking channel – value of mobile banking transactions shot up from ₹104,300 crore in 2016 to ₹186,200 crore in 2017 • FinTech is revolutionizing the Insurance (Insurtech as it is being called) and Investment sectors too • By 2020, every three in four policy purchases will be influenced by the digital channel (according to a Boston Consulting Group (BCG)-Google report) • Phenomenal change in consumer investment habits: • Indian middle-class families are steadily moving towards investing in Financial assets and Mutual Funds • Household financial savings in shares and debentures increased to 0.7% of GDP in fiscal year ended 2016 • Land and gold, erstwhile dominant physical assets in an Indian family's portfolio, represented 10.8% of gross financial savings in 2014-15, down from 15.5% in 2011-12 • The growth even though exponential and disruption massive, is still quite unplanned. There is little insight on what the customer wants and what are his future requirements, needs and expectations. • With this aim in mind, Velocity Research is launching this study to map the future of FinTech in India and to help gauge ‘How can business flourish in this disruption’ SOURCE: https://www.thehindubusinessline.com/money-and-banking/two-years-after-note-ban-digital-transactions-show-robust-growth/article25429396.ece https://www.livemint.com/Home-Page/ZSDoTO4TMeAOfs2Bn2U7BP/How-fintech-can-lift-the-insurance-sector.html https://economictimes.indiatimes.com/wealth/save/indian-middle-class-families-steadily-moving-towards-investing-in-financial-assets/articleshow/58136476.cms

  4. Objectives • The study aims to know the penetration and usage of FinTech in : - Banking - Insurance - Investment sectors • The triggers that drive the usage of FinTech • The barriers to its non usage • The comfort with usage of FinTech • The expectations from services

  5. WHO can be benefitted from this report??? Securities agencies FinTech Sector Banks Financial Institutes Digital banking firms Investment Firms Payment solutions firms Insurance Agencies Lending firms Broking agencies

  6. WHAT is in for you ?? Banking The report will help address your following questions…. • What are the reasons which make people to open an account in a particular bank? • Why are people moving towards online banking services? • What do people want in current internet banking ? • What measures banks can follow to convert the branch customers to digital customers ? Insurance Investment • Where are people investing their money? • What parameters people generally looking into before investing ? • Why are people availing online investment services ? • What proportion of Urban Indians are investing in Mutual funds ? • What proportion of Indian urban adults invest more in Gold than in mutual funds ? • How is insurance buying changing? • What are people expecting from insurance companies ? • Who is opting for which Insurance schemes ? • How insurance companies can convert their offline purchasers to online purchasers ? • How insurance providers can get more insurance renewals every year ? Information Areas Digital banking • Why are people moving to Digital Banking? • What do people want from digital banking ? • What latest digital banking trends are people using today ? • What challenges are people facing to move to digital banking ? • What measures can banks adopt to build the trust of customers ? • How to ensure Customer Loyalty?

  7. WHAT is in for you ?? • Satisfaction level with each of the service and overall satisfaction with the bank. • Triggers to use ‘XXX’ as your primary bank ? • Barriers in converting your ‘YYY’ bank to your primary bank ? • Triggers to move to online banking ? • Need gaps / areas of improvements in the current internet banking & banking apps ? • Security concerns while using internet banking and banking apps • How frequently do you physically visit your bank branch for any banking work? • - More than once a week • - Daily • - Weekly • - Once a fortnight (once in 2 weeks) • - Couple of times in a month • - Less frequently • How frequently do you login to your bank’s website? • - Couple of times daily • - Once Daily • - Few times in a week • - Few times in a month • - Once a month • - Less than once a month Information Areas • Demographics : • Gender • Age (18 and above) • SEC A,B • Marital status • Occupation • Household Income • Personal Income • Banking : • How many bank accounts do you hold? • In which banks? • Factors considered while opening a bank account: • - Location of Bank • - Reputation of company • - Interest rates – Loans & Savings • - Min. Balance requirement • - Services offered • - Mobile wallet • - Customer service etc…

  8. How frequently do you use the mobile banking app on your smartphone? • - Couple of times daily • - Once Daily • - Few times in a week • - Few times in a month • - Once a month • - Less than once a month • Purpose of physically visiting your bank’s branch • - For documentation work • - To open a savings/current account • - To deposit cheques • - To get your queries/problems resolved • - I feel safe physically visiting the bank rather than online banking • Insurance : • Which insurance do you hold? – life/ vehicle etc. • Which company’s insurance do you hold? • Awareness of Insurance companies. • From which of the following insurance companies have you availed an insurance? • From where did you purchased your insurance? • By personally visiting the branch • - Through any agent/broker • - Online application • - Through online aggregators (like Policy Bazaar, Coverfox) WHAT is in for you ?? Information Areas • Digital Banking: • From which of the following banks, have you availed any type of digital banking services? • Trustworthiness in digital payments/digital money transfers, etc. • Risks involved in digital banking services • Why did you start using digital banking services? • - Fund transfers • - Utility bill payments • - Opening new RD/FD/PPF accounts • - Investing (SIP/Equities/Mutual Funds) etc.. • Are you aware that you can open your savings bank account through your bank’s app, without even physically visiting your branch? • Are you aware of the latest trends in digital banking? • Which of the features have you used? • Are you aware of the latest features in mobile banking apps? • Which of the features have you used? • Source of awareness of digital banking? • How did you start using digital banking services ? • Any concerns towards digital banking? • Satisfaction in using digital banking/e-banking services • Would you recommend any digital banking services to your friends/relatives/colleagues?

  9. WHAT is in for you ?? Information Areas • Rate your views on the insurance provider (company) on the following parameters: • - The premium is reasonable – justifiable to the cover • - The terms & conditions are clearly explained on the website • - The terms and conditions were clearly explained by the agent/ broker • Rate your overall satisfaction with your insurance provider (All – Health/ Vehicle/ Life) • Investment : • Where do you invest your money? • - Gold • - Mutual funds • - Fixed deposits • - Shares • - Real estate • Whose recommendation do you value the most for investments? • Decision criteria while investing funds. • - The risk involved • - The amount of money to be invested • - The interest rates • - Investments tenure • - Recommendation from the agent • - Recommendation from friends/ family • Rate your overall satisfaction with the investment services you use. • Do you check online for the investment options?

  10. Illustrative Analysis - Demographics Illustration All figures in %age except base • Gender • Life Stage • Occupation MHI INR 75001 to 2,50,000 INR 2,50,000 & above INR 50001 to 75,000 Education 20 60 20 • Monthly Household Income (MHI) Married, without kids Married with Kids Widowed/ Divorced Single 28 6 63 2

  11. Illustrative Analysis Importance-Performance matrix for XYZ Bank Illustration Sneak peak into the report look and feel…. Driver Analysis

  12. HOW will the research be carried out ??

  13. Proposed Sample plan Respondents - Consumers Respondents – Engaged / employed in the Finance sector A healthy split will be maintained to have an appropriate Age , Gender & SEC representation

  14. Timelines

  15. Investments • Payment terms: • The above quote mentioned are exclusive of any Govt. taxes that apply (applicable as per GOI norms during invoicing; Currently at 18%). These would apply on all invoices, including OOPs. • Above costs are inclusive of research, field work, analysis & report. • Any researcher travel and stay locations other than Mumbai & Bangalore will be chargeable on actuals basis . • If presentation is required to done outside Mumbai then researcher travel and stay will be chargeable on actuals. • Doesn’t include any other charges like additional reports (apart from ones indicated), any taxes applicable.

  16. Who are we??? • Velocity is an India-based subsidiary company of Cross-Marketing Inc which is listed on Tokyo Stock exchange. • We have an online panel catering to various research studies with a quick turnaround. • Having a strong In-house robust team for Online Panel management, Research, Data Processing & Tabulation, Data Analysis, IT infrastructure and Marketing Communication, we provide our clients with best research experience. • With technology at its core, Velocity brings an additional edge that imparts speed, reach and quality to its clients. • Our team’s experience in plethora of sectors, like E-commerce, Finance, Automobiles, FMCG et al, best serves as the testimony to our proposition that, “You name the sectors and we have success stories to share”. • 4.2 million completed surveys and 60+ countries served and counting • Velocity has championed the art of research processes that are so vital for FinTech companies. We understand the trigger points that need to be deciphered by every FinTech organizations to better serve their customers/clients. We have done it in the past and have proved that we know the success mantra.

  17. OUR CLIENTS Our success is vested in our clients’ success… FnB consumption & brand track – global (old studies) Multiple Ad Hoc Brand Health Tracker - Pilot study Brand tracks- Pre & Post campaign Video on demand users perceptions & triggers and barriers study Doctor’s online ad hoc study and 3 other studies CI team Qual and Triggers –Barriers Seller team – Brand insights & preference Quarterly tracker Space utilization – Ethno + Qual Kidney Surgical operations ethnography study Media consumption yearly track Customer Satisfaction DI done with patients to understand pain points CSAT and ESAT study Ultra HNI investors in depth interviews U&A amongst 2 wheeler buyers, intenders and garage owners U&A and triggers and barriers amongst users, intenders and category non user Campaign Efficacy Assessment Indian auto industry Market sizing Daily campaign tracker

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