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 – Banking emphasizes on are:
Demographic ProfileProvides consumer insights that will help in targeting a specific type of user while understanding the consumers at an individual level.
Financial ProfileProvides insights on various financial activities including savings/high earnings account, stock trading, investments in Mutual funds, and payments on credit cards that a banking customer performs frequently.
Reading Habits, TV Viewership, and Websites normally visitedProvides insights on the type of publications read by the user, language in which movies are watched on TV, and preferred websites normally visited by a user, including sports and lifestyle based websites.
Purpose of using digital payments/E-walletsFigures depict the use of digital payment apps/E-wallets for different purposes including Pre/paid mobile recharge, money transfer, and shopping.
For in-depth insights on banking customers and their behavior in India, download the User Persona – Banking report.