How is FidyPay Helping the BFSI Sector Transform For the Better?

FidyPay has been emerging as a leading fintech company active in the Banking, Financial Services and Insurance BFSI. The company


FidyPay has been emerging as a leading fintech company active in the Banking, Financial Services and Insurance BFSI. The company is achieving its goal of changing the BFSI sector and its operations by integrating technology at all the right touch points. From e-commerce solutions to digital payments and even connected banking solutions, FidyPay is offering extensive fintech solutions to the BFSI sector of India. 

The company has successfully processed more than Rs. 1000 crores worth of financial transactions and is taking leaps towards digitalization of the financial sector as well as financial inclusion across all regions of India. FidyPay recognizes that money is the fuel that takes Indian industries and public life forward. The company stays committed to its mission of creating advanced finance solutions for different industries and platforms. 

There are a range of products that FidyPay has come up with. These products include micro insurance products, banking and payment solutions and other customised solutions that can be implemented across the BFSI sector of India. You will learn about these Banking, Financial Services and Insurance BFSI solutions in the next sections. 

A Step Towards Financial Inclusion

FidyPay has recently partnered with Yes Bank to bring in more financial inclusion to the Indian markets. The Yes Bank and FidyPay partnership will allow the company to develop API solutions that foster a seamless banking experience for Yes Bank customers. FidyPay is also targeting to create seamless payment solutions for SMEs, fintech firms, insurance companies and many new startups so that the accessibility of their digital payment solutions will increase. The accessibility of these solutions helps common people as well as established companies. FidyPay aims to partner with 10 million Indian SMEs through such bank partnerships so that it can help companies grow and benefit from advanced financial solutions. 

After partnering with Yes Bank, the company is also looking at broadening its partnership towards government organisations and initiatives so that more and more people can benefit from the BFSI solutions rolled out by the company. 

What is Under Development at FidyPay for BFSI Solutions? 

FidyPay is emerging as a market leader in BFSI sector solutions. It is continuing to develop a number of solutions that will be implemented in the coming months and years by BFSI companies. Not only Yes Bank but other financial institutions are also partnering with FidyPay to strengthen the BFSI sector and its underlying processes. FidyPay is currently working on the following solutions, which are improving and under development. 

  • UPI

The FidyPay team is working to create robust UPI infrastructure so that it can partner with existing UPI apps and also create its own offering in due time. With UPI, the company is aiming to improve the manner in which people make transactions and go for EMI payments. The UPI apps are also used to check bank statements and maintain investment portfolios. People can even access insurance solutions and packages on such platforms. 

  • API banking

The company is also focusing on developing different API solutions that can be integrated with existing finance and retail apps and websites. These API solutions are created in such a way that banking transactions are easier and faster to complete. API banking is beneficial for customers as well as businesses because banking transactions happen easily and lead to smoother, faster purchases. 

  • Prepaid cards

The FidyPay team is also focusing on developing prepaid cards as financial solutions so that people can manage their expenses and do financial planning. Prepaid cards are easy to use and have a certain balance that you can use for different reasons. Prepaid cards can be used in a judicious way if a person wants to manage his expenses and control them. Prepaid cards are designed for small businessmen, students, and middle-income citizens who want to invest a little more in financial planning.

Benefits of Conversational Banking for the Future 

Personalised and interactive banking 

FidyPay and other leading fintech companies are trying to create more personalised, customised and interactive banking processes and solutions for people so that common customers can easily make financial decisions and transactions. The hassle involved in banking and the repetitive processes will be decreased with the use of conversational banking. Financial institutions can be more active and create a stronger relationship with their customers through the experience they provide. 

Customer satisfaction

A direct benefit of interactive, conversational banking is the use of all the solutions to create better customer satisfaction. When customer experience is great and customer satisfaction is genuine, companies benefit by having a stable user group and better customer retention. Higher customer satisfaction is also good for people because they can get all their financial issues addressed on one platform. 

End note 

The Indian BFSI sector needs the infusion of technology at strategic points so that people and businesses can experience the future of financial services. BFSI solutions are all set to benefit Banking, Financial Services and Insurance and other areas. The BFSI sector can be strengthened and more efficient with the use of FidyPay’s advanced solutions. If you are setting up a new financial institution, you can approach the team of FidyPay for a technological partnership. 

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