FidyPay is one of the leading API banking service providers to all the FinTech startups and NBFCs around the nation. The use of FinTech in the banking sector is now considered a trend. The integration of digital financial services has led the entire banking industry to shift to a new face.
With the help of FidyPay, the services that were earlier restricted to physical bank operations are now completely digitised. We offer a range of FinTech products that align with the service feasibility of cooperative banks and have helped them make their services reach out to digital-centric customers around the nation.
In this article, let’s give you an insight into the product line that has helped cooperative banks thrive with the scope of digitalisation and secure their strong positions in the market.
Ways FidyPay is Helping Cooperative Banks to Thrive in India
In this decade, traditional cooperative banks in India have admitted the fact that they must collaborate with FinTech solutions in order to enhance security, efficiency, and customer experience. It is because this is what is helping the bank to stabilise its growth and build new opportunities to earn progressive revenue.
The financial services market is becoming competitive, and the banks need to cope with the demanding aspects in order to survive the challenge. Therefore, FidyPay stepped in with a plethora of FinTech services that can be provided in collaboration with banking services. Banks are now able to gather more accurate data on customers through FinTech solutions for curating better services or products for them.
Some of the ways in which FidyPay helps the cooperative banks to work together in accordance with the rising FinTech market are:
- Better Data Accessibility
With the use of dedicated open banking APIs as offered by FidyPay, the banks will be able to derive siloed data and then present it in an insightful manner. When banks have better access to important data, the APIs are implemented to drive business intelligence and then lead to increased streams of revenue with added efficiency.
- Enhanced Functional Probability
FidyPay designs the best APIs that are highly functional and responsive to work together with cooperative banks with respect to rising opportunities. We offer eNACH, eKYC, and UPI Autopay solutions to FinTech startups, as licensed by the banks through dedicated open banking APIs. Hence, this enhances the bank’s functional proficiency in the long run, even in this competitive arena.
- Stay Competitive
With the introduction of several FinTech companies and other competitive players in the industry, it is important for cooperative banks to scale their service offerings to level the playing field. Therefore, the use of open banking APIs by FidyPay is allowing them to offer unique services to the customers and hold onto their existing customer base while attracting new ones as well.
Different Products by FidyPay and Their Significance in Terms of Helping Cooperative Banks
FidyPay has embraced digitalisation for the cooperative banks and has ensured sustainable profitability for them. It is now very important for the banks to be more active in providing better financial inclusion as well as lending or other services. Therefore, FidyPay offers certain financial products to the banks in order to help them in the quest to adopt digitalisation:
As there are ample cases of data breaches or identity thefts, it is very difficult for you to process online identity verification. But, FidyPay’s eKYC comes to the rescue and helps the banks enhance security tracking and risk mitigation solutions for tackling malicious attacks. The cooperative banks can use it to create a secure platform for customers to conduct easy financial transactions.
Some of the things that FidyPay’s eKYC solution can help cooperative banks with are:
- Simplification of the account-creating process for customers.
- Preventing any unwanted account takeover or fraudulent onboarding.
- Provide customers with a better user experience.
- Identify all the potential red flags associated with a customer’s application at the earliest.
- Ensure that KYC compliance standards are met in real-time.
2. UPI Access
As of 2021, there were more than 3800 crore transactions done through UPI, which accounts for a total of Rs. 73 lakh crore. Therefore, the cooperative banks had to shift their usual cash-dominated payments market to UPI. And FidyPay extended its API banking support for the same.
Cooperative banks are now able to provide UPI services directly to their consumers without letting them rely on any third-party application. With this, the cooperative banks are now extending their service availability to customers across both rural and urban locations. Thus, making instantaneous payments has been made easier for the cooperative banks.
Not only that, but the UPI solutions enable bank customers to avail of cheaper services associated with fund transfers, bill payments, and others. Moreover, our UPI solutions can help cooperative banks offer real-time payment processing, just like PhonePe, GooglePay, or other such apps.
3. Integrate with CBS
FidyPay offers its API services to integrate with the bank’s CBS system, which is the software solution that banks use for handling all their primary financial operations. Banks use CBS systems to allow customers to perform their banking transactions from almost any branch rather than just being limited to the particular one where they opened their accounts.
FidyPay extends its API banking solutions to help cooperative banks integrate their new service offerings with the CBS, allowing customers to avail of the branch-independent flexibility on digital terms as well. Customers will be able to see their account balance, loan accounts, personal information, payments, and other such information through the digital platform itself.
This is how FidyPay has helped cooperative banks scale their operations in the modern FinTech world by collaborating with the open banking API adoption. At FidyPay, we believe in expanding the digital payments landscape of India, and that’s not possible with just the FinTech startups alone.
The cooperative banks that have handled the finances of the nation for this long need upgrades for adopting digitalisation and continue to offer service flexibility to their existing customers as per the demanded convenience. And FidyPay is on a mission to make this a complete reality in the near future!