Fintech
The Fintech in India, brought many established banks, some of which were founded a century or more ago, to their toes when the government of India announced demonetization of all ₹500 and ₹1,000 banknotes in 2016. With the high penetration of smartphones in the country, it has stayed popular among Indians, especially among young users ever since then. In the midst of what has been a tough period for the Indian economy, scarred by a slowdown followed by an abrupt stop forced by the global pandemic, India's fintech companies have had a strong run in the country. The shift in the online transactions via fintech apps especially triggered by a surge in the purchase of essentials online, digital bill payments, investments in life/health insurance and online stock trading.
The User Persona of Fintech users was developed to mark the behavior and habits of consumers who use Fintech frequently.
Few aspects that User Persona – Fintech emphasizes on are
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Demographic Profile
Provides consumer insights that will help in targeting a specific type of users while understanding the consumers at an individual level. -
Financial Profile
Provides insights on various financial activities including saving/high earnings account, investments in life/health insurance and usage of credit cards that Fintech users perform frequently. -
Reading habits, internet usage and social media habits
Provides insights on the type of publications read by the user, social media habits along with the average daily usage of the internet on their mobile devices. -
Purpose of using digital payments/E-wallets
Figures depict the use of digital payment apps/E-wallets for different purposes including Pre/paid mobile recharge, money transfer, and shopping.
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For in-depth insights on Fintech users and their behavior in India, download the User Persona – Fintech report.