With growing competition and the aim of scaling up, Fintech startups are constantly innovating and disrupting the BFSI sector. Z Nation Lab recently organized a BFSI Bootcamp in partnership with Economic Times within The Economic Times Innovation Tribe 2018. The initiative aimed to help early-to growth-stage Fintech startup companies refine and test their value proposition with the support of experts from the world’s leading financial service firms.
BFSI Innovation Bootcamp demonstrated how technology innovation has the potential to empower industry players and regulators, improve common understanding, reduce regulatory risk and compliance costs and shape the investment journey. The mission of empowering ambitious and ingenious entrepreneurs who are developing innovative solutions in the smart finance and payments industry was thus achieved.The selection panel was on the lookout for companies that would shape the next trends in the BFSI Segment and the following 5 startups made their mark through this initiative:
1. Instoried
Businesses around the globe lose up to 90% of their customers because of poorly written content on their websites, marketing collaterals, etc., as a result of which one might fail to create a lasting impression. Instoried focuses on optimizing emotions in your writing using AI. The startup also bagged an award for the Best Product and Best Innovation in the Startup category.
2. Credenc
Credenc is a marketplace for education loans at the confluence of education and finance technologies. The company uses alternative credit scoring models to help financial institutions extend loans. Their fundamental belief is that providing access to finance for education is the most sustainable way of encouraging people to enhance their skills by investing in education and thereby increasing their employability. With the ever-increasing cost of education, their vision is to leverage technology to significantly increase education loan penetration in India. Credenc, a fintech startup also bagged an award in the Startup category.
3. Finzy
Finzy connects personal loan borrowers with investors. It is a peer to peer lending platform through which borrowers can apply for small loans between Rs.25k – Rs.5L. Borrowers can register with Finzy and put up their loan requirements and duration on the site. Finzy makes the entire borrowing process simple and user-friendly. You can get your loan funded in as little as 48 hours. They provide automated monthly collections and accounts reconciliation along with visual dashboards for tracking investments and borrowings. Finzy also provides a recovery processes and supporting legal recourse services. All the borrowers and investors are KYC verified.
4. True Balance
True Balance is a mobile app that lets its users check their mobile call & data balances. It started off and further developed from the realization of the inconvenience of prepaid mobile users who were having to check their balances countless times a day. The competitive advantage of the True Balance app is that it allows users to check the mobile balance without an internet connection. It has a superior UI and UX designs compared to other similar apps & quick recharge feature like the one tap recharge.
5. Winjit
Winjit is primarily a technology solutions provider with a focus on customized enterprise mobility solutions, software and mobile app development services. They launched a gateway device management platform called Winjit IoT GDM in February 2016. Winjit is India’s leading provider of innovative engineering solutions. Founded in 2004, Winjit started as a summer internship project in entrepreneurship by two technology freaks Abhijit Junagade and Ashwin Kandoi which gained its recognition as an engineering technology company and marked its presence in several other countries such as US, UK, Australia, South Africa, and Singapore.
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