Next decade-and-a-half belongs to India and fintechs have a big role to play: Sanjiv Bajaj

Sanjiv Bajaj, MD, Bajaj Finserv, says there is going to be tremendous growth in real sectors and also in the financial services sector which support those real sectors. There is an equal need to ensure whether it is insurance for our health or lives, asset management to help us save for the future or loans for homes or cars, each of these sets of products are very important.


How do you see the future and the role of fintechs?
Sanjiv Bajaj: The way it plays currently not just the next year but the next decade, decade-and-a-half is truly India's decade. We are going to see tremendous growth in real sectors and also in the financial services sector which has to support those real sectors.


But as we do that, there is an equal need to ensure whether it is insurance for our health, for our lives, whether it is asset management to help us save for the future or loans for homes or cars, each of these sets of products becomes both very important. I think the opportunity is limitless right now.

How do you think fintechs can come together and create synergies when we talk about this ecosystem in India?
Fintechs have played a very important role in challenging the status quo, challenging incumbents. Many of them with their digital capabilities for a section of customers that are living lives more digitally. Their ability to access those customers are very strong but building risk capabilities, building collection capabilities, understanding how and what it takes to be in a lending business or an insurance business takes time.

That is why collaboration between fintechs that can source business and the traditional companies that know how to run those businesses can be a good way to really spread the last mile further to access more customers and at the same time ensure that you are providing them the right type of financial products.