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How fintech companies are using online sales channels to expand their businesses?

In today’s interconnected world, businesses recognize the importance of being “always on” and meeting customers on their preferred digital platforms. The concept of omnichannel has become a reality, with companies across industries striving to provide seamless customer interactions across various digital channels and devices. The fintech industry, born out of the digital revolution, is no exception to this trend. Fintech companies understand the value of leveraging digital sales channels to drive growth.

Digital sales in fintech refers to the use of digital channels such as apps, messaging platforms, and social media to offer services and engage with customers. Fintech-powered brands provide customers with the convenience of using their apps for trading, banking, insurance, and other financial services. The popularity of messaging apps like WhatsApp, with over 2 billion users worldwide, cannot be ignored by fintechs, who recognize the app’s potential to reach and interact with their customer base.

Fintechs employ various digital sales strategies, including the use of chatbots for customer support, the online marketplace model for comparing financial products, and social media platforms for engagement and sales. The increasing preference for digital channels among customers, especially millennials and Gen Z, who constitute a significant portion of India’s population, further emphasizes the importance of digital sales channels for fintech growth.

A prime example of fintechs harnessing digital sales channels is the surge in demat accounts in India, with app-based trading platforms offering easy account opening and access to services through platforms like WhatsApp, chatbots, and websites.

With India’s fintech adoption rate surpassing the global average, the expansion of digital sales channels is a natural progression for the industry. The convergence of fintech and digital sales is poised to drive further growth and innovation in the sector.

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