Picture a bank that feels as modern as your favourite app, approving loans in minutes and letting you pay with a quick scan. This is the magic happening in India as banks and Fintech companies join forces. These Fintech partnerships are transforming banking, making it faster, simpler, and more accessible. Let’s explore why banks and Fintech companies are becoming the dream team of India’s financial world.
First, Fintech companies bring cutting-edge technology to banks. For example, BR.Net, a core banking solution developed by Craft Silicon, help banks offer seamless services such as instant account openings and loan disbursements. Banks often struggle to build such tech quickly due to legacy systems. But such scalable solutions integrate easily, enabling banks to provide user-friendly apps. BR.Net has powered banks like Ujjivan Small Finance Bank to deliver accessible banking at branches, improving customer service and scalability. This partnership allows banks to modernize while Fintechs gain access to millions of bank customers.
Second, these collaborations expand financial inclusion. Virtual Lending Solution enables banks to offer digital loans remotely, reaching rural and unbanked populations. With tools like TruCell, field staff can manage loan collections and disbursals via mobile apps, connecting banks to remote customers. Banks provide regulatory trust and infrastructure, while Fintechs support multilingual and multi-currency options, ensuring services reach diverse geographies. This has helped institutions like IIFL Samasta scale across India, bringing banking to underserved areas.
Third, the products provided by Fintech companies enhance customer experiences. Take the example of GLOW and Customer App platforms, developed by Craft Silicon. These apps give both banks and customers a comprehensive view of loan portfolios, enabling personalized offerings like tailored savings plans or loan products. For instance, TrackOD helps banks manage overdue loans efficiently, ensuring smoother customer interactions. By combining Fintech solutions with banks’ trusted networks, customers enjoy 24/7 banking, lower costs, and innovative features like real-time credit scoring. These partnerships create delightful, hassle-free banking that keeps customers coming back.
Finally, co-lending models are booming. Fintech’s Co-Lending Software supports banks and NBFCs in sharing risks and resources, offering dynamic loan repayment schedules and automated disbursements. This helps banks reach MSMEs and underserved segments, as seen in partnerships with Village Financial Services(VFS), promoting financial inclusion.
Banks and Fintechs are rewriting India’s banking story. With products like BR.Net, Virtual Lending, and GLOW in the market, Fintech companies bring innovation, while banks offer trust and reach. Together, they’re making banking inclusive, efficient, and customer friendly. As these partnerships grow, we can expect a future where every Indian can bank effortlessly, anywhere, anytime. The financial revolution is here, and it’s exciting!
Author: Nikhil Sebastian | Product Trainer, L&D
Nikhil Sebastian is a Product Trainer at Craft Silicon, bringing over 4 years of experience in recruitment, employee engagement, and HR strategy. With a versatile background spanning the banking and technology sectors, he excels in blending strategic thinking with hands-on execution to drive organizational success and foster dynamic workplace cultures. At Craft Silicon, Nikhil works in providing product trainings to employees and driving the overall learning and development for the organization.
