India’s Leading BFSI and FinTech Companies 2022

3 Foreword Preeta Misra Senior Director Credibility & Business Insights Group (CBIG) & Learning & Economic Insights Group (LEIG) Dun & Bradstreet Dun & Bradstreet India is pleased to present the 14th edition of the publication ‘India’s Leading BFSI & FinTech Companies’. The publication is a credible compendium on major companies from key segments of the BFSI ecosystem namely – banking, non-banking financial companies (NBFCs), insurance, mutual fund and broking houses. The publication analyses industry trends and outlines the way forward. Given that FinTechs have revolutionized the entire BFSI space, we have added this new dimension to the publication since last year, by profiling select fintech companies. Over the past few years, India has witnessed an unprecedented level of digitization. Digital transformation has become a prominent theme across the sectors with BFSI being no exception to it. BFSI companies are increasingly using Data Analytics, Machine Learning (ML) and Artificial Intelligence (AI) to understand today’s evolved customers. This has significantly helped BFSI companies to customise their applications, services and products to meet the expectations of their customers’. These new age technologies are increasingly used for digitization of investment advisory, risk management and regulatory compliance to name a few. Today, Banks and Financial Institutions are in a a better position to prevent frauds due to the use of theMLmodel which helps tomonitor each new transaction in comparison to the base behaviour profile of the user. In summary, ‘Tech-novation the Way Forward’, the central theme of our publication this year, seems apt in view of the vital role played by the technological innovations in the progress of BFSI industry. In this digital era, FinTech is making great inroads in the BFSI segment because of its ability to cause significant positive disruption in payments, lending and other financial services. The Indian FinTech industry was valued at US$ 50-60 bn in FY20 and different FinTech segments like Payments & Remittances, Alternative Financing, Digital Banking, InsurTechs, Investment Techs and Marketplaces are operating in the BFSI ecosystem. With this, India is set to become Asia’s FinTech hub with 87% FinTech adoption rate as against the global average of 64%. India’s FinTech revolution is the result of various policy initiatives like Jan Dhan Yojana which helped in accelerating financial inclusion by enrolling 447.6 mln. bank accounts so far. This along with Aadhaar and mobile banking, took banking and financial services to a different level altogether. Another driving force behind the accelerated evolution of FinTechs is India Stack, which is a unique public digital platformcomprising of Aadhaar biometrics, United Payment Interface (UPI), e-Sign, e-KYC and Aadhaar Enabled Payment Systems (AEPS). Integration of FinTech with account aggregator will help them build higher level of trust with their customers. The favourable regulatory environment, rise of digital ecosystem and increasing customer adoption are helping to take collaboration between the BFSI and FinTech to the next level. We are sure that the ‘India’s Leading BFSI & FinTech Companies 2022’ publication will be a valuable source of insights for the stakeholders of the BFSI ecosystem. We will continue to track the performance of the Indian BFSI and FinTech industry and keep the readers updated on various developments through future editions of this publication. We hope you will enjoy reading the publication and look forward to receiving your valuable feedback and suggestions. Dun & Bradstreet