How neobanks are set to disrupt $31 billion Indian fintech market

Fintech

The $31 billion fintech market in India is set for a disruption with the emergence of neobanks and to scale and secure a foothold, these digital-only banks should acquire primary bank accounts, a new report said on Wednesday.

The salary accounts of white-collar employees with a lifetime value of 10 times seem an addressable market and the best way forward.

« In addition, there is said to be an opportunity to address about 25 million additional accounts of new professionals every year. The estimated 120 million professionals (steady income earners) currently represent around 80 per cent of the addressable banking ARPU or average revenue per user, » said the report by Bengaluru-based management consulting firm Redseer.

Neobanks are bridging the gap between the services that traditional banks offer and the evolving expectations of customers in the digital age

As the third largest fintech ecosystem in the world after the US and China, the