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80 pc of addressable low, moderate income market remains untapped by fintechs: Study

New Delhi, Aug 13 (UNI) Most financial technology (fintech) target affluent and tech-literate customers in tier-1 geographies and leave 80 per cent of the addressable low and moderate-income (LMI) households market untapped.
''Our analysis suggests that the total addressable LMI segment is 380 million. Going by conservative estimate, fintechs are yet to tap around 320 million working adults in India,” says Mohit Saini, Senior Analyst, MicroSave who lead this study on the fintech landscape in India.
The study was done in collaboration with IIM-Ahmedabad’s Centre for Innovation, Incubation and Entrepreneurship (CIIE) and was supported by J P Morgan.
The study highlights that four out of five fintechs are concentrated in three metro cities, that is, Bangalore, Mumbai, and Delhi-NCR, while 75 per cent of the overall investments since 2011 has been pocketed by 10 fintechs.
Even as the growth and reach of the fintech industry in India have increased, fintechs continue to focus largely on the elite and affluent segments.
These segments comprise 23 per cent of the overall population, according to the study by international financial inclusion consulting firm MicroSave.

Fintechs refer to technology-focused or technology-led firms that use or provide modern, innovative technologies. They offer existing and new banking and financial services to consumers efficiently.
There are more than 1,500 fintechs in the country and almost half of them were set up in the past two years. Though the current landscape suggests a growing influence of fintechs, the study says, about 57 per cent of them focus on credits and payments and transfers only.

The study notes: “fintechs present a unique opportunity to improve the financial health of low and moderate-income (LMI) households, which are currently either unserved or underserved. Fintechs can provide these LMI households with appropriate tools and resources to manage their financial
lives.”

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