Fintech Startups India: A Comprehensive Guide to Launch and Succeed
Fintech Design
January 9, 2024
  • Why you should start a fintech startup in India & what are the key advantages.
  • How to start a fintech company & what to do to level up in the market.
  • Tactics to consider before starting a fintech startup in India & startups to take inspiration from.
  • Why UX design is necessary for your fintech.

Why you should start a Fintech startup?

Fintech startup can solve various problems in the market as in 2022 its value was $194.1 Billion which was alone in the market. CAGR of 16.8% b/w 2023-2028 is rising, which is for new startups.

The demand for lower service costs in the market is increasing. So, we can focus on providing risk-free options for customers.

How to start a fintech company ?

  1.  Do networking with industry experts.

7.1% of all ventures in the world deals in fintech industry. Finding the product vision to stand out from the competition is necessary.

If you wanted to launch your technical product in the market. You have to decide the trained set of professionals or must understand the tech companies way of working.

  1. Select your one target industry in finance.

As a founder, you must understand your fintech domain. Whom you’re serving & what is your goal. Solving one finance problem can change. By working on one domain, we can find the needed product for the customer.

You can select from this domain:

  1. Payroll Services.
  2. Money Transfers.
  3. Trading.
  4. General banking.
  5. Crypto currency trading.
  6. Lending.
  7. Investment banking.
  8. Credit monitoring & reporting.
  9. Personal Finance.

3. Create an Idea.

Startups are for changing life & is used for creating ideas. Your fintech can change old payments & banking system to address the pain points of customers.

What you must focus on?

  1. How to smoothen the payment process?
  2. How can fintech startup solve actual market issues?
  3. What is the purpose of my app?
  4. Create a unique selling point ( USP) for your fintech startup.

As per 2022 report 65.3%of US people used digital banking. You must clear your USP for better sales & marketing.

  1. Design your Minimum Viable product ( MVP) for better.

MVP can attract innovators & customers with higher risk aptitude, as it's a strong product development model. It will elevate user experience & boosts engagement for your Fintech startup. Examining your MVP can drive success in a startup.

  1. Get knowledge of laws & regulation in the finance industry to understand the need of legal support.

  1. Firstly, decide on which fintech services you give.

You need to know your customer touch-points before launching your business. Because a Fintech startup can serve large-scale business & regular person in many ways.

So, as a founder, you must know the one-goal & must dedicate your time on future innovations. By deciding on one niche, you can attract the target range of customers for the right business.

  1. Market Research.

Your Business Intelligence ( BI ) & acumen can beat competition. You must identify the gap b/w services & products. Study the USP in depth for Untouched competition. By performing market research, product research, & competitor research, a startup can achieve higher ROI.

  1. Security can make you stronger.

Information Security can protect you from data fraud by introducing but practices of access control, organized, way of working, & data encryption. Or you can hire the security IT team to protect your SaaS based startup. 

Tactics to consider before starting a fintech startup in India.

  1. Create a network that is trust-worthy.

You must have the link with customers, employee, & venture capitalists.

Providing value to investment & different strategies can change your life. Content marketing strategy can change your business worth.

  1. Start creating your app.

Start building your app by identifying consumer response. Market research can assist you by finding hyper local market & identifying nice audience to get the right feedback after usage. A smooth, UX app can change your performance & ROI.

Ex- Gpay, Kaizo, & Phonepay.

UX Fintech design features includes biometric authentication, Intuitive Navigation, optimize the mobile, visualize the data, AI powered Virtual assistants, & chatbots.

  1. Strategic approach.

A successful fintech startup is the result of managing various factors, including tackling wrong time, business points, creative setbacks, & competition with rising market demand. You must learn how to invest time & learn consistency.

Top fintech startups to look for in 2024.

  1. Wise.

Launched in 2012 in UK to ease international transfer by lowering exchange rate. High-quality app for monetary transaction.

  1. Mint.

It's a finance gamification to manage spending, balance, & credit score for better finances. 15 Million users as it has easy tracking financial transaction.

  1. Stripe.

Best API to accept credit cards, send money, & to manage subscription for better financial management. International transfers, Billing, invoice, managing subscriptions, & ecommerce management for quality monetary management.

Conclusion.

Fintech startups in India can revolve the financial market if launched with correct strategy to elevate financial decisions, transfers, & billing. So, you can start your fintech venture this year by applying these amazing productive steps.

If you’re planning to launch your fintech startup in India. Get started by making your UX design strategy with Alien’s professional support.

You can contact Alien’s team today if you’re looking for App developers for high-quality UX design with modified features. Our unique app design will make more sales into your new business. 

Currently documenting the journey of building a Product | Co-founder at Alien. I am passionate about the creative field, which led me to initiate my journey into business with a focus on digital products. Beyond my professional pursuits, I find solace in traveling and taking breaks from city life, often indulging in trekking adventures.

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